The price a few weeks ago fell below the lower swing level to 150.96, but after a few days of trading above and below the level, the price based and started its sharp trend move to the upside (see hourly chart below).

GBPJPY races higher and above 160.00

The close risk is now the 50% midpoint. Below that it would take a move below the rising 100 bar MA on the 5 minute chart below (blue line. That is rising toward the 38.2% of the trend higher move today.

More recently there has been come stalls and ups and downs as the pair approached level 160.00, but the pair’s declines were still relatively modest, to the run higher. Getting below the 38.2-50% area and the rising 100 bar MA at 159.10 currently is required to take the pair out of the trend like mood it is in now.

GBPJPY races higher as buyers push