Daily GBP/JPY analysis

will you posting anywhere else?

Anyone any idea what will happen? Bounce back at R1?

ohhh, i am back. done with the women.

just got a short position on cable.

how much did u guys got from last wave? i can buy a couple of top range laptop from yesterdays pips

and Geppy is on downturn, starting maybe within an hour or 2.
target will be around 23700 range

As I find it difficult to find a clear direction and we now have the BOE and ECB rates out of the way, I´m setting down my thoughts in the expectation some wiser heads will add their input.

The Daily Cable chart is completing a Bearish Butterfly pattern, which has already achieved its minimum requirements - its 1.27 extension. It could go as high as 2.1264 - its 1.618 extension and the zup software allows until next Wednesday for its completion. However, I have a Lucas TL today and after the interest rates were held, I wonder how much higher cable will go.

UJ had an ultra wide range down day yesterday, thanks to the 370 point sell off in the Dow. As UJ is currently following the Dow, I´ll look at the Dow next. As I type, the Dow is an a 4 hour TL, so it has the opportunity - timewise - to continue its fall, or reverse. Its next TL is on Friday November 16. IF Helicopter Ben's speach has managed to reassure sufficient people, a further Dow drop may be postponed.

For me, the daily UJ chart is on the edge of a potential Wave 3 fall, which would go under the 105 level - a daily close under 111.50 would be the confirmation. It is now 71 days since the spike low to 111.50.

So to GBP/JPY, which yesterday completed a Bullish Bat on its 4 hr chart, signalling a move up above the 241.50 level. IF cable and UJ allow, I can see a possible move up next week when several daily and 4 hr TLs fall on Friday - a symetrical move would put point D just under the WR2 - well in the target square. Time will tell.

shit!looks like geppy could revisit 235 region again. the trend is reversing down....... if i am not completly wrong

Short on time today so here's a chart 4H and to me its looking BEARISH but I could be wrong!

Couple of daily chart T/Ls to break first and the monthly and daily Pivots!

Here's a possible EW chart for UJ.....note that in the first W3 fall, there was a 9 day period when price traded sideways before moving down into the main part of the fall. If this is repeated next week, it would allow the suggested rally in GJ. TWT

My eyes are on cable at the moment. It has reached some significant levels on the monthly so I am also wondering how high it will go. I am currently short from close to the high and looking for a 2.0665 target.

With the momentum point down on the open of the daily candle it should be a down day. The momentum on the week is also pointed down I have a target of 234.17 the 13sma on the weekley chart.

We are at the 235.5 level again.

In my view its such a strong S/R but if we make it past here a retest of this level would look good for all the shorts out there.

The bottom of the daily channel is around 234.90 if we continue down from here.

I have taken half profits here though as there is a very good chance it will turn.

Other supports are the of 235.15, D S2 at 234.38, monthly S1 233.24 and D S3 232.87. Also the rising trend line from the daily chart around 234.

As I write this its looking good.

Almost at S2.

Thanks Wolf,

The Usd/Jpy is at August lows, will the geppy do the same? or is the gbp/usd helping it?

Thanks

It has a long way to go to reach August lows, sounds a nice target though.

GU may be helping it I don't know although I watch it and UJ I try and not let them influence me and just trade GJ as I see it.

I short again at 235.33 playing the reject of the 235.5 level and have profit locked in.

The short from the LO was a great set up.

Where would you enter on the next short? I am sure a retrace is coming.

I closed my short from 23755. at 23450.
and did a long from 23446, and closed at 23520.
now i am waiting for its "bottom" should be +_20 around 23400 in 4-6 candles time(15mins each)

I would like to see cable retrace a bit more...... and signs are showing....Asian are behind this high( I am c)! every morning---asian trading time, dollar goes lower.

if u looking for anything big, wait to next week.
because, cable plays very big factor in Geppy trading. right now cable can down to 20980. 50 pips to go? would u short from current level 1034?
i wouldnt. i rather wait and see

Thanks,

Posting any charts today?

I totally agree with Winwise and would not short now the only entry I safely saw to add with minimal risk was the 235.5 region.

Personally I am still short and if you are still short and want to catch a larger possible move give it enough room to breath but be prepared to give some profit away.

There could be some vicious profit taking at some point.

Just reached S3

Yeah Winwise, would be nice to see some charts .

Hope your girlfriend problems are sorted, my wife constantly complains of being a forex widow. Don't know what she means?

Thanks Guys