100 hour MA at 146.87 currently

The GBPJPY has stepped higher with the higher USDJPY, movement on the back of Brexit news and higher stocks.

The price is up testing the 100 hour MA at 146.87. Last week the price was trading above and below that MA before the run lower on the back of the tariff news.

A move above will start to retrace the broken levels (and swing levels from the way down including:

  • 147.48. Swing high from Thursday's trade
  • 147.77. Key level because it represents the 200 day MA. The price of the GBPJPY had not been below the 200 day MA since September 2017 before the break last week.
  • 147.95. The swing low from February 14th
  • 148.11. The 200 hour MA. This MA is moving lower
  • 148.36. Downward sloping trend line. This too is moving lower over time.

The current level is the first key test for the pair at the 100 hour MA. The pair is trying to edge above that MA line now.

Over in the EURJPY, the pair broke above the 100 hour MA earlier (see post from earlier) and the buyers based against the level and took the price higher.

The price is approaching the 200 hour MA at 131.028. Last week, the price tested that MA and backed off.

The major stock indices are trading up 1% now.