Daily GBP/JPY analysis

I'm still waiting for a downward break but it's far from certain. In this case the diamond is bearish (being a continuation pattern).

All in all, lately I have seen a lot more bearish signs than bullish so lets see if they end up paying off. I am still holding my shorts from two fridays ago on the basis that they will hit the first two targets or get reversed for a long journey up. Pro stops will come into play when we get the next wave down (i.e. breaking that daily trendline).

Also notice the rounding top on this chart. A sign of a trend reversal with a head and shoulders sitting on top.

Decision time is nearing.

starting to think it has made the weekly low here at 235.84: stocks melting down withstanding

Broken 4 HR Trendline turned from support to resistance is my best prediction

235.84 - 238.60/239 for the rest of the week

Me thinks anyway

Having internet connection problems, happening all this week, so haven't had much chance to post. Now having problems with MT4 running slow locking up, keep having to shut it down with the task manager so as you can imagine I am well ticked off!! Doesn't help being technologically impaired either.

Trading wise I am still short from 237.43 would normally be out now but the problems stopped me closing, had my stop was at +1 so it has worked out ok. I have just added at underside rejection of the daily T/L 236.34 and 39 with stops just above.

If we make it past the recent lows I see this now going to at least 235.5 probably 235, the 50% of the big down move and the last up move drawn from 250907, both being just above 235. If 235 breaks I think 233 would be a good solid target, we have the monthly pivot at 232.80 so the 233 area or just above may be a good place for the bulls to take over??

Just my take on things, have some salt handy.

Of course it could just turn around here and go straight to 260! (grin)

auxesis,

Can you be more specific about the neckline? About what price range.
So, I am able to picture it, better.
Thanks.

Target is 234.

We are back in the blue down channel....close to target 1. Bounce there or continue to work in the red channel? Watching indicator trendlines for bounce or breaks.

Time to wake up this thread again!!

Couple of 4H charts.... Notice how the 240 level did indeed turn out out to be strong resistance.

Check out the volume for the recent low.

We possibly have a 4hr channel formed.

All in all looking bullish, but we are at an area of strong resistance now!

233 turned into strong support, a great place to buy after this mornings moves.

Edit: Forgot to mention the red t/ls are from the weekly chart the higher of the two is taken from the close price.

It will be interesting to see how this candle looks when it has closed.

Price may stall here the 235.50 level strong resistance back in August.

Looks like a lot people saw this level as a good place to take profit. Lets see were we go now. Finding support at 235 an easy 50 pip short.

What is your opinion on current situation? 235.50 seemed to hold, possible sell from here?

GJ picked up support from yesterdays high at 234.45, the daily R1 and is now testing the 235.5 level again. It may just keep going although I expect it to come back down and retest the declining t/l from the hour chart, this may give it the support for another move up.

If it keeps on going from here the 235.5 level should then turn in to good support with the weekly pivot at 236.78 most probably providing strong resistance.

Good Morning,

Looking bearish!

I pulled the trigger short this morning after being stopped out of my longs overnight at 234.35 playing a bounce off the pivot with a stop 10 pips above the pivot. Price being around the declining t/l making longs possible.

We are now against another rising t/l which may provide support and also an area of support from late September, if we can break this area 233 may see buyers?

Below the F/L open now so hopfully if we get below here there should be more room short.

Price is dancing around this t/l trying to make its mind up also forgot to mention the daily S1 is just above 233 at 08 and the monthly pivot at 232.82.

Closed my short at 233.70 wait for confirmation to go long here or short lol.

Good decision, I've closed mine too and waiting for confirmation to go long.

Well i've taken a long a very shaky one at 233.91 and price is now up against the 1h declining t/l so I'm ready to close it real quick if need be!

Edit: The reason for this entry being a small bounce of the bottom of the F/L opening range after price came up from below and then tested it.

Edit: closed +6.....Guess I was a little hasty!!!

Caught the short from the declining t/l 234.61 +35... Long now 234.21

Staying long with this last trade stops at +1.

I see a bullish picture with an initial target around the red t/l (from the daily chart on the close)

This area has the weekly Pivot at 236.78, Daily R1 at 236.57, the high from the 19th at 237.01.

So 237 looks a good target.

On the way we have the reacent high 235.83 and some area's around 236.2 from August and September.

Not forgeting 235.5 still an area of strong S/R in my view.

If I'm wrong I should at least make a few pips .

Edit: I have moved my stop a bit lower just below the T/L, something I do not normally do and will probably pay for it, but it would be silly to be out of a potentially profitable move if the support here holds. My main concern now is that we are below the daily pivot!

I'm looking for a potential reversal to start around 235.27. That could take price back to under 233 and beyond. Housing data could warp it a little.

Hi Zoran,

So my Long should be ok up the target area you mention, gives my a bit more confidence. I will be watching that area closely.

Haven't seen you posting here for a few days good to see your analysis.

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Islander missing your analysis too!!!!!.