Daily GBP/JPY analysis

With all of anticipating the drop in the yen. How much of this has been calculated into the current price?

Question is - are we heading up? London Fix in progress

In my experience with other pairs it usually is making the news not that dramatic. This pair I am not so sure of.

Dow Jones, sound & safe printing 13,120. When (IF) GU starts to retrace, GJ is favored, once UJ back to 118s is unlikely right now... UJ price action suggests another push to 119.50, imo.

Tiny GJ long here to help lift my trades - mid-238 on the cards.

11:28 USD/JPY short bid persists..Should be supply around 119.80

Pressing agains 237.85/90 barrier.

A break above resistance on UJ. Good news for longs.

Hitting resistance on UJ at 119.52. Thanks I'll wait until it clears 119.80 before I enter another long. I'm taking small longs and taking profit when I can.

Bottom fishing anyone?

About two more hours till the fireworks show.

All the way to hell, if I have to. But on GU only. I'm not gambling UJ. As i said before, I want the news, the data, the commentaries first. Torture the figure until they give me truth. Market is in need of this data and tomorrow's BOJ outlook to see how much Yen costs across the board.

The scent of UJ trend reversal is in the air, at least here in my desk. I want the data to make up my mind over this.

the good news is that undecision period is close to an end.

We're at the 50% fibo, anyone thinking we'll go lower?

Anyone else see the big head and shoulders on the USD/JPY 4hour, right around the right shoulder about now?
With all the JPY news out shortly it might likely bring GBP/JPY down with it. Could get ugly for carry trades, hope not.

The weekly has it beautiful. The upcoming truckload of news might provide the spark this powder barrel needs.

The market traded up today and longs should have taken partial profit as we were just a few ticks away from our first target.
The market closed above the River level at 236.23, so short trades continue to be aggressive.

Long Strategy
If you are long from the 236 area, stay long. Risk would be a failure to close above 238.87 Final target above this level is 241.21 where all longs should exit.

New Traders can look to set longs on a move down through 236.53. Risk would be an hourly close below River at 236.23. If this occurs, traders should exit. You can always re-enter if we move back above. Targets are 238.74, then 241.21 where all longs should exit.

Short Strategy (Higher Risk)

Traders can enter new shorts if we get a strong move down through River at 236.23. If this occurs look to enter on a push back to this level. Risk would be an hourly close back above 236.53. Target is 234.63 where shorts should cover.

http://www.rivertheory.com/storage/gbpjpy4-27-2007.PNG

Anyone wanna dance ninja w/ Japanese Gija?
G/Y is going to see 240 tonite..... Lull before storm.......
Ofcourse i may be completely wrong......But i luv Gijas...lol

Gl/GT

That weekly one is not so convincing to me as the Low point on the right side is not lower than the low point on the left side. Regardless that weekly one is still a valid H&S.

Tic-tac Tic-tac

I can hear the sound of the thunder......Get ready...Ride the thunder!!!