GBPJPY failed on the break to new highs going to 2016
The GBPJPY has moved lower today, after the high today took out the high from October 2022, and traded to the highest level since 2016, but quickly failed. The high from 2022 reached 172.118. The high from today reached 172.314. However, momentum stalled and the price reversed lower. The pair currently trades at 170.32. The low price reached 169.937 today. The price is trading within a swing area between 170.08 and 170.588, after trying to work below the low of that swing area. There is a battle going on with failures on the break above and failures on the break below on the daily chart.
Taking a closer look at the hourly chart, the price is approaching support near the 38.2% retracement at 169.68. Below that is a rising 100 hour moving average at 169.497. Ultimately if the price is going lower, getting below those two targets is needed to give the sellers more confidence.
GBPJPY falls to 38.2% and rising 100 hour moving average