100/200 hour MAs at 157.02 area
The GBPJPY is consolidating with the 100/200 hour MAs holding support at the US session lows. The two MAs come in around 157.02. The low price for the US session cuts across at 157.009.
Since October 15, the pair has been between 155.918 and 158.211. The high from Wednesday and Thursday last week formed a double top near 158.211. If the 100/200 hour MAs hold support, traders will look toward 157.42 and then recent highs between the 157.65 to 157.766 before the ceiling at 158.21.
Conversely, if the 100/200 hour MAs are broken, the bias shifts back to the downside with the 156.60 to 156.81 as the next downside target area followed by the lows from Friday and Monday at 155.92.
This article was originally published by Forexlive.com. Read the original article here.