December 8, 2022

Forex Solution

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GBPJPY chops with support at the 100 hour MA/trend line

1 min read

Resistance at 153.308

Traders have defined a low and high support and resistance level against some technical levels. 

Resistance at 153.308

Looking at the hourly chart above, the 100 hour moving average currently comes in at 152.907.That is near an the ports open trendline connecting lows from August 4, August 10 and again today.  Holding those levels kept the buyers in play today.

On the topside, the highs from Friday yesterday and again today stalled within a swing area going back to July between 153.16 and 153.308. The current price is trading within that area at 153.22. 

If the buyers are to take more control getting above the upper swing area now will be eyed.  If done, traders will next target the highs from July 13 and July 29 near 153.45.  

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