No closes above the MA since July 27th
The GBPJPY is testing the 100 hour MA at the 133.884 level. The pair tested the MA last week but could not muster a closing bar above the MA line. Today, the line is lower making the hurdle easier but the last 3 hours has seen the price stall against the line (see chart below)..
The catalyst for the move has mainly been the USDJPY. It has moved above the 200 hour MA and is looking to test the highs for the day. The GBPUSD has been chopping above and below the 1.3046 level (see prior post here). I get the feeling if the GBPJPY is going to make a break higher, it will need to see that 1.3046 level broken.
Channel trend line resistance is also in play for the GBPJPY it comes in at 134.12.
