--- Dammitt...!!... I closed my long and go for a break just to see the Dragon fly. I missed.......
Oh, well... some other time......
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Oh, well... some other time......
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GBP/JPY cross jumped to an 8-week high of 147.56 after the BOJ exercised its control over the Japanese bond yields via increased bond purchases.
Falling trend line breached
The descending trend line coming from Aug 2015 high and November 2015 has been breached, although as per the textbook rules, a bullish break would be confirmed only if the end of the day close on July 31 is above the trend line hurdle.
Again, monetary policy divergence is at play here. The latest sound bites from the Bank of England (BoE) have been hawkish. Moreover, the central bank is under pressure to hike rates/at least reverse last years rate cut in order to curb rising inflation. On the other hand, the BoJ intervention in the bond markets today has made it clear that the central bank is in no mood to let go its ultra accommodative policy.
GBP/JPY Technical Levels
The pair was last seen trading around 147.50 levels. A break above 148.11 (May 10 high) would expose resistance at 148.46 (Dec 15, 2016 high) and 149.00 (zero levels). On the other hand, a breakdown of support at 147.26 (July 6 high of 4-hour chart) could yield a pullback to 146.64 (10-DMA on 4-hour) and 145.98 (July 4 low on 4-hour).
TREND INDEXOB/OS INDEXVOLATILY INDEX
15MSlightly BullishOverboughtHigh
1HBullishOverboughtExpanding
4HBearishNeutralHigh
1DBullishOverboughtExpanding
1WBullishNeutralHigh
Updated Jul 7, 02:00 GMT
https://www.fxstreet.com/news/gbp-jp...e-201707070216
Mmmmm.... For me, monthly trend down will be breached when 148.000 level is pierced.......
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Disliked--- Dammitt...!!... I closed my long and go for a break just to see the Dragon fly. I missed....... Oh, well... some other time...... ::::::Ignored
DislikedSeems like the cable breakout to the upside is about to fail again (see chart above). If that's the case it could fall hard.Ignored
Disliked{quote} Yep, good call. Personally I went short the Canadian dollar.Ignored
DislikedNo so sure about breakout the 148 level... I see loss of strength and momentum, something that i would expect over the resistance.Ignored
Dislikedhi all I have not posted in forex factory forever ... I used to trade GBPJPY only but focus more on majors these days , GOLD and the index futures (dax and s&P) I trade using volumes , bars and price action only within trends. Here is my take on GBPJPY Supply seen on 4 hour some days ago Bottom of the bar is 146.30. This remains key support for now with buy dips above this level. If we get a one hour close under this level down side targets on daily 146 / 144.50 GBPJPY remains at KEY resistance level in the chart and anyone trying to take an early...Ignored