GBP/JPY

On the hourly we can see that price has been consolidating a bit, and ranging. However, we have been unable to close above any of the moving averages. We do however, have a smaller level of support around the 131.61 area. If we can retrace down to this we could see a bounce back to the tl of around 60 pips. Or a break which would indicate that we would be looking to tap into the monthly support.

My overall bias is that if we can reject the monthly support, price will rise!