Psychological Figure At 238 Puts Pressure On GBPJPY

Trading at 237.74, the GBPJPY has traded in relatively the same spot now for most of the New York session as the 238 psychological figure remains a formidable barrier. As a result, downside momentum is likely to ensue, backed by confirming momentum indicators. A stochastic death cross has already formed in line with a divergent MACD histogram. However, downside fences remain thick with the 237.58 (200 hMA) and 237.45 (100 hMA) figures looming just below. Should the aforementioned be taken out, sights will likely target the 237.00 psychological.