Auslanco - GBP/JPY and GBP/USD (newstrade)

There were two bits of news that have led to this recent price movement. Both had a strengtheninig effect on the GBP/JPY and they were released within minuted of eachother. From Trade the News:

1401GMT: JPY weakens after joint central bank liquidty announcement

and

1404GMT: (UK) BOE expands range of collateral at three month maturity

Where we go ??????????

The magical 50 % fibo @ 231.30 ?

What ya think ?

There was a big gap on 6j this morning,and now it's filled
The daily gaps on 6j usually get filled so this move to 230 was kind of expected I guess...should have let y'all know earlier maybe next time I will..
anyway looks something like this

Below is the text of the communication from the FED explaining the new liquidity measures that are to be introduced by the FED, BoC, ECB, SNB and BoE.
Regards,
Paul.
_____________________________________________________________________
Today, the Bank of Canada, the Bank of England, the European
Central Bank, the Federal Reserve, and the Swiss National Bank are
announcing measures designed to address elevated pressures in short-term
funding markets. Federal Reserve Actions
Actions taken by the Federal Reserve include the establishment of a
temporary Term Auction Facility (approved by the Board of Governors of
the Federal Reserve System) and the establishment of foreign exchange
swap lines with the European Central Bank and the Swiss National Bank
(approved by the Federal Open Market Committee).
Under the Term Auction Facility (TAF) program, the Federal Reserve
will auction term funds to depository institutions against the wide
variety of collateral that can be used to secure loans at the discount
window. All depository institutions that are judged to be in generally
sound financial condition by their local Reserve Bank and that are
eligible to borrow under the primary credit discount window program will
be eligible to participate in TAF auctions. All advances must be fully
collateralized. By allowing the Federal Reserve to inject term funds
through a broader range of counterparties and against a broader range of
collateral than open market operations, this facility could help promote
the efficient dissemination of liquidity when the unsecured interbank
markets are under stress.
Each TAF auction will be for a fixed amount, with the rate
determined by the auction process (subject to a minimum bid rate). The
first TAF auction of $20 billion is scheduled for Monday, December 17,
with settlement on Thursday, December 20; this auction will provide
28-day term funds, maturing Thursday, January 17, 2008. The second
auction of up to $20 billion is scheduled for Thursday, December 20,
with settlement on Thursday, December 27; this auction will provide
35-day funds, maturing Thursday, January 31, 2008. The third and fourth
auctions will be held on January 14 and 28, with settlement on the
following Thursdays. The amounts of those auctions will be determined
in January. The Federal Reserve may conduct additional auctions in subsequent months,
depending in part on evolving marketconditions.
Depositories will submit bids through their local Reserve Banks.
The minimum bid rate for the auctions will be established at the
overnight indexed swap (OIS) rate corresponding to the maturity of the
credit being auctioned. The OIS rate is a measure of market
participants' expected average federal funds rate over the relevant
term. The minimum rate for the December 17 auction along with other
auction details will be announced on Friday, December 14.
Noncompetitive tenders may be accepted beginning with the third auction.
The results of the first auction will be announced at 10 a.m. Eastern
Time on December 19. The schedule for releasing the results of later
auctions will be determined subsequently. Detailed terms of the auction
and summary auction results will be available at www.federalreserve.gov.
Experience gained under this temporary program will be helpful in
assessing the potential usefulness of augmenting the Federal Reserve's
current monetary policy tools--open market operations and the primary
credit facility--with a permanent facility for auctioning term discount
window credit. The Board anticipates that it would seek public comment
on any proposal for a permanent term auction facility.
The Federal Open Market Committee has authorized temporary
reciprocal currency arrangements (swap lines) with the European Central
Bank (ECB) and the Swiss National Bank (SNB). These arrangements will
provide dollars in amounts of up to $20 billion and $4 billion to the
ECB and the SNB, respectively, for use in their jurisdictions. The FOMC
approved these swap lines for a period of up to six months.

GUYS, Also watch out 4 this drastic fall. price just close at 100% fib....

Hi. I am not his follower or anyone else. I don't trade GBP/JPY at all, as it usually moves up and down too fast for me but I like checking this thread just to know people's mind on Yen crosses. I have made more than 200 pips profit on AUD/JPY since it started retracing in the early Asian session today. So I am doing quite alright. Good luck to you, too.

Helicopter Ben to the rescue!

how long is this thing gonna go, will it drop

now where was this yesterday. guess my analysis was a day off as well

Gents,
Been seeing the ADX 8 at all TFs in addition to Aus's other indicators, help to understand current momentum of the price movement. Just use ADX 8 and level 40. When the ADX line (ignore +d1 & -d1) cross 40 and pointing some degrees UP, the price normally continues with the current trend. Continue using existing aus's indicators for entry and exit.
Happy trying. cheers!!!

Got stopped out. Geez.

A lot of hanky-panky going on with the FED.

December....really hard to trade.

caught about 500 pips since long yest... n it touches my 50ema daily chart. so i close my long n open a short position with stoploss 150pips.. tis pair will go downwards unless it break 232.

Thank you Pyramid Your Good Wishes have borne fruition.

Glad thats cleared up for now. Happy pipping !

are we getting a double top on the 15m on gbp/jpy

Huge pin bar forming on GBPUSD H1. JPY still weakening though against other currencies so it's a little muted in GBPJPY. I'm seeing a ceiling at 231 - if we pass that I'm going to go and get drunk.

i havent had a drink in many, many, years but these last 3 trades i have made got me thinking!!!LOL

Carry trade looks to be back in play, however GJ is definitely due for a significant retrace from the agressive move. . .

And don't start now, not worth it. . .