Lower swing area between 153.455 to 153.53
The GBPJPY has extended to a new session low and in the process is testing a lower swing area between 153.45 and 153.53. There were a number of swing lows going back to the week of May 10 and May 17 (on the four hour chart below). A break below that level will have traders targeting the 50% midpoint of the move up from last week’s low to last week’s high. That level comes in at 153.221.
On the topside, the pair fell below another swing area between 153.76 and 153.83. That is a close risk level for sellers now. Stay below keeps the bears more control..