Daily GBP/JPY analysis

Yeah that little mountain has given me +500 today.

Poundyen vs. Dow-

http://i58.photobucket.com/albums/g2...bpjpyvsdow.png

I like your signature Ken. Sad but true!

It might even be funny if it wasn't so true.

The daily pivot is at 232.57 .....plenty of opportunities to sell during the last hour, first target 231.50

Edit: M2 is at 231.42, so took first profit there + 92 pips, locking in 40 on the remainder whilst I go out. Next target S1 at 230.26

Edit: Now locking in 80 and going out.

Well it didnt make it down to S1, so I was stopped out on the remainder of my position for + 80.

Price turned around the 231 level and that would have given me another 90 + pips had I been trading. Now to see what the data brings......

Great start to the week...... over an hour sideways with the Snake falling and then a slightly lower high gave a Sell signal, good for 80 pips and then the bounce was held at R1 / 235 / 34 ema, so Sell again for another 80 pips as it dropped to M3 / the 234 level.
Then another hour plus sideways before a slightly lower low, with positive divergence from the Snake, so a Buy above the 200ema that stalled exactly at the 50% retrace - good for 50 pips, I exited at 234.63 and am now flat and will wait for New York - with the UK on holiday, I´m happy to wait.

Signs of activity as US traders get to their desks.....Sold the break of M3 - in at 233.88, target the 233 level / pivot at 232.93

Edit :Stopped out for +5, no follow through and using a tight stop. Any pips in my bank is better than a loss!

Cable didnt continue down, was held at its earlier low of 2.0134 and so GJ couldn´t go lower at this time

Edit: stay out until after the home sales data at 10:00nyt

I´m away for a week to the UK and the Goodwood Revival Meeting for classic race cars from the ´60s - terrific racing, great cars and beautiful women, what more could a guy want!

Hope someone else starts posting here.

Nicely put debtfreedom.

You Rock!!!!!

That is gonna be more than just leading the blind. It is making the BLIND SO RICH.

Cheers.

EG

Nice charts debtfreedom, A2 here we come.

GJ rebounded nicely off the 50% of the last move up and is now at the declining trend line.

This should provide a good signal to either buy or sell depending on its reaction here.

Looking like a buy with a tight stop at the trend line.

I am staying long from 228.80 for the moment.

Price around at the R1 / weekly pivot area and a resistance area from yesterdays price action with the next strong resistance at 232.75.

How many pips of retracement does the gj has in media?
anyone know this?

Just thought I would post an updated chart...It looked so nice!

The trend line worked well as support to continue the move north.

Price just above 232.77 L5 /M4 and acting as support now.

Lets hope it holds.

Next stop 260 (I wish)

GJ is trying to create head and shoulders in the weekly chart, expect some choppy movements in the coming days...just when the right shoulder gets completed by early next month or so...its a big big fall to the south..market IS going to crash.....H&S in the weekly chart has never failed in the past

debit freedom elliot count also confirms it..im just hoping its never soon..it need to go further up as much as it can before the big fall..GJ will go below..200 mark to 170-180 and bounce back fast to above 200 level...

Being an analyst is soo easy....if it ain't your money...who cares if it goes up and down..i have saved enough of gold

Time to wake up this thread.

We are at the 50% retracement on the daily chart and the 61.8% of the move from 090807 and at a significant level.

A move either way from here, lets see what the news does.

For now at least another small retrace then retest of this level.

I am staying long for now but will be ready (hopefully) to catch the move either way.

Just my observations as I don't actually trade Fibs myself but always watch them.

Another chart the one above didn't show the fibs correctly.

Going back to a chart I posted a bit over a week ago, it seems to be working out OK.

The highs were not being reached and the lows went lower so I lost a bit of faith - but it is playing out well now. I have the high at about 238.80 (but could be 100 pips or so lower) before we see that large fall to retest the low in the 219 region. Based on some time analysis (not mine), the high should be in on the 4th or 5th of Sep (Tue/Wed).

I suspect it is going to fail and reverse around 221.50 and head all the way up to the 242 to 245 region (red circle). That will be a good test to see whether the bulls can pull it out and if so then up, up and away we go. I do, however, expect it to fail and then we could possibly see the low break (219).

I have attached the chart that I posted a little over a week ago and a new one with further projections.

Z

Couple of interesting close price charts the first one on the weekly, if this were on a smaller timeframe chart to me it would clearly indicate a short.

The next is a 4H, not so clear cut but interesting how the price clearly follows the trend line not forgetting we are at a significant S/R level and the 50% of the big move down.

My bias is short firstly because my system has me short right now, secondly because the charts look this way to me.

Of course I may be wrong.

Also I notice the price is at the same place we left off last week and we have quite a few red folders and NFP on friday so we may have a ranging week (I guess we will know by friday )

Hopfully we will have some nice moves.

Just my novice view.

Regards,

Chris.