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  • GBP/JPY Puts in a Near-term Double Top

    From fxtimes.com

    Double top after rally: In the span of a little more than 2 sessions, the GBP/JPY rallied from 140.35 to 151.76 (more than 1000 pips!). After this surge, it appears to have lost a little steam, reflected by a bearish divergence with the RSI. Price was stalling in the 4/8 European and now US session is forming an intra-day double top. In the near-term there might be some space to the downside during the US session, but it will be challenged by a rising trendline just above the 150 handle, which is also the area where this week opened. Below that, a second near-term support could be in the pivot area of 149.20-149.50. ... (full story)

BEAR TRAP
dont short
you will lose money very fast
This is currency war. There is no winner.
Agreed.
you lose %100 if you short
  •  Guest
  • | IP XX.XX.158.21
thanks, and dow futures daily put in a hammer on friday.
OMG, 1000pips for 2 days.
  •  Guest
  • | IP XX.X.202.24
I just read the article. I think he makes a valid point. All that has been pointed out there has been a double top hit. At no time is there a suggestion of going short but if the price hits 149.20 and the 1H RSI breaks below 40 there will be most probable a correction of the latest up swing. If it holds above 40 there could be a bullish continuation. I think he is just making the point to keep an eye on it of the price drops below the 149.20
BOJ has nothing more to offer so i think we will see an ABC down all the way to 133 - 134 zone
Thought it was good analysis, too. Since the posts, it bounced off the trendline to the upside AGAIN... So we have the possibility of a triple top versus the rising wedge.... Certainly worth watching from here.
nonsense analysis,
forex 101, lesson 1:

fundemental > technicals

BoJ, FED, Korea dispute, China news +
these actors will do whatever it takes to support this bullish action

don't expect huge price retracements IMHO,
good luck trading
What the fu.... Happened with gbpjpy. This shit just can not go up while eurjpy, usdjpy,audjpy all are going up....
Maybe it is for gbpusd. But why that shit going down also ??
Nothing can go up forever those who bought all the way up will come up to the point of collecting there money , besides pound almost completed it's retrace and will go bellow 1.44 soon
GBP is an exception with it's weak economy,
OFC there will be x/jpy correction,
but don't expect a major one.

http://static.cdn-seekingalpha.com/uploads/2013/4/3/saupload_Ant-USD-JPY-2007-2013.jpg

it is much more than 1,000 pips.
happening since september...

you trade these pairs eyes closed ?
also,
don't you know that the real BoJ intervention hasn't started yet?

you need real good timing for shorting x/JPY,
even for scalping...
I know nothing can go up forever. Gbp is weak whar abour eur. There are lot more uncertainity in euro. But eurojpy is going up....
  •  Guest
  • | IP XX.XX.158.21
anyone spot the gap 149.57 to 150.17? it will get filled ... guaranteed
Quoting Guest
anyone spot the gap 149.57 to 150.17? it will get filled ... guaranteed
Wednesday or Thursday as i think
  •  Guest
  • | IP XXX.XXX.231.82
it will go up............The only question ii need one of u guys here to give me an answer on is when do u think this yen weakness will stop or at least reduce
Quoting akramo
Nothing can go up forever
"Forever" is a long time from now.

It won't take nearly that long for the market to wipe out all shorts before any sign of a retrace.
Quoting Guest
it will go up............The only question ii need one of u guys here to give me an answer on is when do u think this yen weakness will stop or at least reduce
1-2 years
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  •  Guest
  • | IP XX.XX.14.90
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  • Story Stats
  • Posted: Apr 8, 2013 12:29pm
  • Submitted by:
     fxtimes
    Category: Technical Analysis
    Comments: 19  /  Views: 4,994