The GBOJPY pair has been moving up and down in trading today. On the downside, the low did take out the lows from yesterday and on Friday near 155.44. However the low could only reach 155.39 before reversing and heading back higher.
The run to the upside was able to get above a swing area between 155.918 and 156.06. The price stalled against its 100 hour moving average and rotated lower.
The current price is trading at 155.654 as the clock ticks toward the close. In the new trading day, getting outside of those extremes would tilt the bias more in the direction of the break.
In the short term, the sellers have a little bit of a edge stay below the 100 hour moving average. However, having said that, the price still remains well above the 38.2% retracement of the most recent move to the upside at 154.612. Nevertheless if the price can move below 155.39, that would increase the bearish bias and have traders looking toward the swing low from January 3 at 154.86 followed by that 38.2% retracement at 154.612.