Forex Trading: Gbp/Jpy Below 100 Day M/A
Gbp/Jpy is trading firmly below its 100 day M/A of 142.40. The pair may have found some support at the 38.2% fibo retracement (140.62) of move up from March 1st. A break below this support level could bring the pair below 140.00, where it may meet psychological support. If the pair reverses course and holds 142.40 should act as strong resistance, the 100 day M/A.
Remember we are looking at Gbp/Jpy from a daily perspective, thus a close below 142.40 should be a bearish indicator for days to come.
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