GBPJPY falls below 200/100 hour MAs
The GBPJPY is cracking lower, and making a new low for the day. Technically, the pair moved below the 200 and 100 hour MAs and in the process also cracked below a smaller head and shoulder neckline.
WHat next?
Stay below the MAs will keep the bears more in control .
On the downside, the swing area between 161.64 to 161.84 would give sellers more confidence on the downside. Move below that area, and more downside toward 161.08 would be targeted…
The GBPJPY can be a very volatile pair. So be sure to trade with risk firmly in control.
This article was originally published by Forexlive.com. Read the original article here.