GBPJPY above 50% but stalling against a swing area. Sideways action as focus on the weaker USD at the moment.
The GBPJPY is stalling near highs going back to April 18th.
The pair has been moving higher since bottoming at 143.718 last week. The run higher reached a high today of 145.69. That was just above the 145.62-678 area that defined a high swing area going back to April 18 and April 23. We currently trade at 145.50.
On the downside, the 145.353 is the 50% retracement of the move down from the April 15 high. The swing low in the NY session reached 145.31 but quickly rebounded.
We trade between the 50% below at 145.353 and the high swing area at 145.62-678. There is a battle going on with the price between those extremes. We could tilt either way from here. IT will take a break (of either extreme) to solicit a bullish or bearish environment.
Looking at the pieces, the GBPUSD is making fresh highs in the current hourly bar. For the USDJPY it is trading near the lows for the day. Hence the sideways up and down price action. Focus is more on the USD vs a flow into and out of the GBPJPY cross pair.