Yesterday, the price stalled near the MA line as well
The GBPJPY continues to find sellers near the 200 hour MA (moving lower and currently at 155.139). The high price on the spike higher today reached 155.20. Yes, it moved above the MA line, but started to show signs of sellers near the level. The last three hourly bars have seen sellers near the level as traders look to put a lid on the pair.
Although sellers are trying to stall the gains, the pair’s price remains above the 100 hour MA at 154.87. It will take a move back below that level to give the sellers more confidence.
Recall from yesterday’s trading the price also moved above the 100 hour MA, and moved up to the 200 hour MA. Sellers did lean just ahead of that MA, but volatility was a bit less versus today’s up and down action in most pairs. That helps to increase the MA levels importance.