Fall below MAs and trend line at the start of the day turned the tide lower
The GBPJPY is one on the bigger mover today.
The push lower was made in the early Asian Pacific session when the price fell below the 200 hour MA (green line), the 100 hour MA (blue line), and a trend line (see chart above). That fall sent the price to a swing area in the 148.63 and 148.89. The low reached 148.53.
The move off the lows took the price back toward the falling 100 and 200 hour MAs (now converged at 149.55). Test of the line and the price stayed below the line.
What now?
The price is back down retesting the "yellow swing area". That area is the next barometer for the bulls and bears. Get below it and stay below it, and the bears can shoot toward the Feb 14 low at 147.956.
If the yellow area holds, the bull and bear battle can continue.
The Japan CPI data will be released at 6:30 PM ET/2330 GMT. For a preview see Eamonn's post HERE.
