Test ceiling at 127.92
The GBPJPY bottomed today at a floor area defined by recent swing lows (there was one failed break on Friday). We are now testing a ceiling level at 127.92. That too has had one break that failed last week.
Do the sellers come in here and keep a lid on it? Risk is defined and limited.
Helping the pair is the GBPUSD which is trading above the 200 hour mA at 1.2226 and 100 hour MA at 1.22138. The USDJPY is also currently extending to new session highs. It is approaching the next target at 104.636 (swing high from October 13th).
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