GBP/JPY

Rejected at channel resistance once again... Selling to 160.45. reverse to buy from there

I felt the dip buy around here- 159-160

bulls are failing to break-out decisively or even hold above daily close

there is indecision in the price due to the long wicks on the chart

sell limit placed again at 162.7

I'm not convinced that this pair will break-out to the top decisively

lol, come on bears

Waiting for eternity for at least one Weekly candle not to be fuc*ed up. Weekly chart is the most disgusting thing I ever saw in Forex. Even EUR/GBP looks better..

there is no beak-out in either direction for GBP/JPY yet, which is not that exciting, but I will sell the rallies

EUR/GBP looks like it is also ranging and not ready to break-out either, but I will buy the dips

maybe next week, there will be a break-out

still can't exceed 162.7 on the daily chart

This pair hasn't been too exciting lately, The typically largest moving pair has been in a tight range for the last 20+ days. Never the less we are close to the bottom of that range now. I have some buys in from 161.15-161.20 targeting 162.5 area

TP revised to 162.38, stop loss 161.98, going to bed

TP was hit at desired level, close to top of the range. wokeup this morning and took a couple sells.. 161.94 and 162.17, sold positions early at 161.5 cause i hate having positions open through the weekend. That being said we are close to the bottom of the range again, still have room to drop a bit more. I'd like to see sub 161 but I will be looking for buys come Sunday afternoon

Buys are in. targeting 162.4. a drop below 160.7 and will liquidate position

I did briefly close some of my longs but reopened them I saw it start to bounce. the Original target remains 162.4, though we will have to watch what happens at 161.65 for a possible retrace.

It would help the GBP/JPY cause if GBP/USD can gain some traction above 1.15

Soft target 162.4 approaching, no hard TP set, I will watch how the level reacts

edit: given GBP / USD trajectory it is possible this level is broken and turned to support for a larger bullish move. Watching closely

New H4 candle print outside of the h4 200d SMA is a promising indication of continued bullish momentum. Possible hurdle 163.04 100d sma on daily, looks pretty clear to there. If that barrier gets surpassed we will go to 164

Looking for former 200d sma esistance to act as support here. Should we close below 162.45 then it could spell the return to the bottom of the range

From my broker news feed:


GBP/JPY crosses 163.00 as Truss wins UK PM elections, BOE Bailey’s speech eyed
6 September 2022, 08:45

 

1. GBP/JPY has overstepped the crucial hurdle of 163.00 vigorously on novel UK leadership.
2. Next UK PM Liz Truss announced a relief fund of 130 billion pounds to tame soaring energy bills.
3. A downbeat Japan’s Overall Household Spending data has weakened the yen bulls.

The GBP/JPY pair has displayed a juggernaut rally in the Asian session and a similar performance is expected in the European session ahead. A perpendicular upside move has driven the pound bulls above the critical hurdle of 163.00. At the press time, the GBP/JPY cross is trading around 163.08, 0.73% above from its previous close. With a revival in the UK’s political instability after Liz Truss wins leadership of the Conservative party, pound bulls have got an adrenaline rush.
Broadly, the sterling has remained vulnerable after the resignation of ex-UK PM Boris Johnson. This brought political instability to the UK economy as the Cabinet Office was demolished. However, Liz Truss's win for the next UK PM has underpinned the pound bulls against the Japanese yen.
The UK economy is going through severe pain of higher energy prices, which have soared energy bills for households, inflation rate, and have deepened the energy crisis. To safeguard households from soaring energy bills, going to be UK PM has announced a fund of 130 billion pounds for freezing bills. The new cabinet will set a fixed unit price for energy suppliers to sell gas & electricity to households.
Going forward, the speech from Bank of England (BOE) Governor Andrew Bailey on Wednesday will be of utmost importance. BOE’s Bailey is expected to dictate the likely monetary policy action for September 15.
On the Tokyo front, vulnerable Overall Household Spending data has weakened the yen bulls. The economic data has landed at 3.4%, lower than the expectations of 4.2% and the prior release of 3.5%. This indicates households’ pessimism in the Japanese economy and also lower expenditure by the former may restrict the inflation rate.

things are moving fast.. Testing the 8/5 high now. I love this pair when it moves.

at some point the Dragon will have to breathe.. The really big GBP JPY days, its not uncommon to see about a 400 daily pip move. We're at about 230 on the day so far, a move past 165 can easily happen tonight. I might consider taking my profits around that level and look for a bit of retracement

Certainly a very large move for the day. Let's see if if this trendline will slow things down for now. I agree that the low 165 area (if it makes it there) is likely the max for now, at least without a retracement. However, it does look like it's setting up for an eventual upwards move towards the 168 area and potentially higher.