Intraday SMA cross seen on GBP/JPY

A new leg up in GBP/JPY bolstered its 100 hourly SMA to cross above the 200 period one.

While this intraday “Golden Cross” doesn't assure the recent correction is done and dusted, the low prices printed on hourly charts are at a converging distance to the SMA cross. This price level could be used as a technical hotspot by many GBP/JPY traders. The risk scenario is set once a close beyond the 200 SMA is printed.