GBPJPY Price Action Analysis - 23.6% Fibo support level at 190.94 crossed for correction

W1 price is located above 200 period SMA and above 100 period SMA for the primary bullish market condition with secondary correction which was started last week on close weekly bar:

• 23.6% Fibo support level at 190.94 crossed by the price from above to above for the correction to be continuing.
• "British Pound gapped to the lowest level in a month against the Japanese Yen, with sellers now eyeing support below the 188.00 figure. Near-term support is at 187.85, the 38.2% Fibonacci retracement, with a break below that on a daily closing basis exposing the 50% level at 185.37. Alternatively, a turn back above the 23.6% Fib at 190.91 opens the door for a challenge of the 14.6% retracement at 192.80."
• "Prices have now met their initial target and we have taken profit on half of the position. The remainder of the position will remain in play to capture any further on-coming weakness with a stop-loss adjusted to the breakeven level."

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