Daily GBP/JPY analysis

Can you share your settings here? Also,
I have hard time to understand teh MACD.http://www.forexfactory.com/images/icons/icon10.gif
Thanks.

my only problem is I got 3 computer screens. Evry time i get a screen shot I get 3 shots. If any one can tell me how to fix this i'd be more than happy to post a screen shot of my charts.

Try this area- http://www.forexfactory.com/forumdisplay.php?f=56

some heavy resistence @ 248 area. But very strong bearish momentum. it should break it.

whats causing the yen to be strong?

Isn't it more about the GBP being weak or am I wrong on that? Not sure?

How far you guys see this thing going?

I think this is just a strong correction and swing trades are unwinding to get ready for the action packed month of August.

British Intrest rates!
JPY Intreste rates possibility of 50 basis points
Subprime issues cooldown etc etc

Yen Rebounds as Investors Trim Carry Trades on Drop in Stocks

By Ron Harui
July 23 (Bloomberg) -- The yen rebounded from a record low against the euro as a slide in Asian stocks spurred traders to scale back investments in emerging-market assets funded by borrowing in Japan.
The currency headed for a second day of gains after the Standard & Poor's 500 Index last week had the first weekly decline in a month on concern subprime mortgage losses will worsen a housing slowdown. The yen has dropped against all 16 most-active currencies this year as investors borrowed cheaply in Japan to buy higher-yielding assets in so-called carry trades.
``Stock market weakness in the U.S. and Asia may reduce risk appetite,'' said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. in Tokyo. ``There may be some unwinding of carry trades that will bolster the yen''
The yen rose to 167.43 per euro at 10:08 a.m. in Tokyo after reaching an all-time low of 168.99 and from 167.61 late in New York on July 20. It also climbed to 121.03 against the dollar from as weak as 122.21 and from 121.27 last week.
The Bank of Japan's key overnight lending rate of 0.5 percent is the lowest among major economies, which has encouraged investors to enter carry trades. The benchmark rate is 6.25 percent in Australia and 8 percent in New Zealand. Against the yen, Australia's dollar has risen 1.8 percent and New Zealand's dollar has gained 1.3 percent this month.
Japan's Nikkei 225 Stock Average dropped 1.4 percent and the Morgan Stanley Capital International Asia-Pacific Index declined 0.9 percent.
The Japanese currency also rebounded after futures traders increased bets the yen will fall versus the U.S. dollar, figures from the Washington-based Commodity Futures Trading Commission showed on July 20. The data are sometimes used as a contrary indicator.
The difference in the number of wagers by hedge funds and other large speculators on a decline in the yen compared with those on a gain -- so-called net shorts -- was 126,773 on July 17, compared with net shorts of 125,890 a week earlier.
To contact the reporter on this story: Ron Harui in Singapore at [color=#0066cc][email protected][/color]
Last Updated: July 22, 2007 21:13 EDT

sorry tried to attache the charts.. but didnt work

Please could anyone explain the setting of 12E, 26E 9E. I entered E and got an error message.
Thanks

Haha your doing just fine!!! You thinking 248.00, 247, 246, 245 how low can it go haha?

I say if we break this support level 248.55, then our next support is 247.68.
Can anyone confirm it for us?

check this for S/R based on pivot points


http://www.actionforex.com/forex_ana..._200603215764/

It will touch 248 today with a very high possibility of reaching 247.40 within couple of days ( or may be today) and 245 area before end of this week.

Your link doesn't work.

Can you help interpret what those different points are indicating?

try again. BR

http://www.actionforex.com/forex_analysis_and_forecasts/pivot_points/gbpjpy_200603215764/

I concur (My targets are slightly different - must break 248.61 and then 247.47 next)

Does anybody think we may be able to hold this ground here at 248.5?

just to be against everyone else, sure, it can hold above 248.8, we shall see..