GBPJPY tests the highs from last week after dip today bounced off MA support ...Middle East

The GBPJPY has been on an upward trend this week, but it turned lower during the European session following weaker-than-expected flash PMI data. The price dropped below its 100-hour moving average (blue line on the chart above at 200.77) but found support near the 200-hour moving average and the lower boundary of a swing area between 200.41 and 200.825.After finding support, the pair rallied to last week's high of 201.60. A break above this level could trigger further upside momentum, pushing the GBPJPY to its highest level since September 2008. Additionally, the price has moved above the 61.8% retracement level of the trading range since the 2007 high, which is at 199.808 (see monthly chart

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