theres no support from now until 236.41 and I expect it to go there
but if it breaks its open it'll head straight to 238.60 (resistance from yesterday)
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Hmmmm. I'm not saying it won't go down mo', Mo, but there certainly is support between where we are and where you want to go. This chart shows three in particular. The 61.8 Fib from the last move up (at 237), the 4H 100SMA (around 237.15), and the 4H bullish trend line, which actually hits closer to 237 as well.
Hmmmm. I'm not saying it won't go down mo', Mo, but there certainly is support between where we are and where you want to go. This chart shows three in particular. The 61.8 Fib from the last move up (at 237), the 4H 100SMA (around 237.15), and the 4H bullish trend line, which actually hits closer to 237 as well.
M2B
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Right...it's there but I don't see it as anything major at this time
Nikkei opens 100 points plus up. Lets see where it goes....
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The Nikkei is dropping now, but I am sure it will rise later. I expect GJ to drop to the same low it hit a little while ago and then it will probably go up or range for the rest of the asian session.
The Nikkei is dropping now, but I am sure it will rise later. I expect GJ to drop to the same low it hit a little while ago and then it will probably go up or range for the rest of the asian session.
The Nikkei is dropping now, but I am sure it will rise later. I expect GJ to drop to the same low it hit a little while ago and then it will probably go up or range for the rest of the asian session.
Hmmmm. I'm not saying it won't go down mo', Mo, but there certainly is support between where we are and where you want to go. This chart shows three in particular. The 61.8 Fib from the last move up (at 237), the 4H 100SMA (around 237.15), and the 4H bullish trend line, which actually hits closer to 237 as well.
M2B
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Yes, I would also be careful with the bounce up and all this play around the Daily 200 SMA.
Nikkei going up is favorable for Japan, therefore favorable for the yen, and therefore GBP/JPY tends to go down.
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Actually it is the opposite. A rising stock market drives down the value of the yen.
Remember, a lot of the carry trade is people borrowing yen at low interest rates, converting to a foreign currency and then investing in the stock market. Therefore, when stock markets are rising, the yen is weakening, since people are borrowing yen (creating yen out of thin air) and then dumping them into the currency exchange market, driving down the value of the yen.
The carry trade goes in reverse when markets are going down. The yen is strengthening, so people have to buy yen to pay back loans before they get killed by the currency fluctuations. The money they are using to buy yen is coming out of the stock market.
Obviously, people don't have to convert yen to invest in the japanese market. Even so, the same principle is effect. A rising market weakens the yen. However, since the currency conversion step is missing, the correlation is not as clear-cut as it is with the US market.
a little advice please. I am in a short from 237.91, should I hold it and wait or go ahead and close since I have no idea how much farther this is gonna retrace off that bounce
Auslanco - GBP/JPY and GBP/USD (newstrade)
