Forex Trading: GBPJPY in a consolidation range again.

The GBPJPY had an impressive trend move today - moving during London and NY time frame from 203.60 to the high of 208.99.  The stock earnings over the last few days which propelled stocks higher, some feelings about a UK mortgage rescue plan in the housing market, and feeling that UK easings might be done for the time being, have supported the pair.

From a longer term perspective the pair is targeting the 100 day moving average which comes at 211.30.  Above that is 214.01, a triple top area.  I would not be surprised that the market heads up there in the intermediate term next week at some point - especially if the stocks can continue the relief rally it is currently experiencing. 

On the downside, 206.80 to 207.11 will be a buying range for the market on dips in the short term.  I would also be watching the 21 hour moving average for a shorter term buying indicator

Currently, the levels are a bit too rich/overbought, so I would expect some consolidation so the market can digest and better price itself (i.e. work off the over bought condition).