GBPJPY test the swing lows from last week
Recall from last week, the price moved below a swing area between 155.918 and 156.06. The price low moved to 155.449 before rebounding and closing back above that swing area.
On Monday, the swing area held support again before moving higher in retesting its 100 and 200 hour moving averages.
In trading today, both the 100 and 200 hour moving averages were briefly broken, but momentum faded and the price has moved lower in the European/US trading sessions.
The move lower has broken back below the swing area between 155.916 and 156.06 and moved back to test the lows from last Friday as well. So far the low has held support, but still has the swing area above (see red numbered circles).
There is some cause for pause.
