Traders leaning against the 38.2% retracement
The GBPJPY is trading its own trading range.
On the downside, the from last week held near the 38.2% retracement at the 135.09 level (the low went to 135.00). Today as stocks continued lower into the NY opening, the price once again tested that 38.2% level and once again buyers leaned (the lows came in at 135.09 and 135.067 respectively). Risk could be defined and limited.