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

very welcome.

4hr MOM is up there could be a range market up8-12pm.. then on the next 4hr MOM it should point down to have a sell in our GBPJPY at 11:30am-4pm

Thank you for the explanation.Appreciated

Doubled up on the dip... Either looking at getting out break even or if nice surge on positive equity markets, might post a profit...hehe

Edit uncanny how a surge in USDJPY is met with weakness in GBPUSD

looks like dow will open positive. look for bears to attempt selling into rallies in the afternoon, maybe.

11:45-4pm EST

4 hour 5 sma low is sitting around the 211.90 area. Daily 5 sma low is sitting around the 212.23 area.

I drew some fibs on the 15 min last night. There is a 138.2 fib at 210.85 area that was barely penetrated to 210.76 area then reversed above it.

probably profit-taking from the earlier surge..

ranged since 8am.EST so far

This guy(?) said he'd like to vouch for ya'.

Heck yeah, can he vouch for me too? He changes like the forex market.

ROFLMAO!!!!!!!

2 attempts to break 211.40/50 area so far. If broken, it will complete the right shouder of an inverse head and shoulder formation on the 5 min chart, which might confirm a small retrace up.

I think it will range here for a while to work off stoch-rsi on the 1H. Then will get its surge up for a retrace. 4H over sold and wanting to go bullish. (unless hit w/ bad news). Just my .02

I do believe it's highly likely/possible we'll see 200, which is the 50 Fib, by the end of this month. There are two weeks left in January, RSI has room to move down before becoming OS, and MACD is showing good separation and angle to the downside. Fundamentals will determine if it will move down that quickly or not. At the 200 level I would then expect a major bounce/retracement up to what would then be either the 38.2 Fib (around 220) or the 50 Fib (around 226). Ultimately, we will see GBP/JPY fall down to the rising bullish trendline, which is currently around 173. By the time price intersects with that trendline, in a few months, the trendline could be around the 179 level where there is strong support (a double bottom). What price does at that trendline will determine the overall direction of GBP/JPY for the next couple of years. If it bounces, creating a possible triple bottom, we'll see price run back up to the most recent highs around 250. If it breaks the 179 level and the trendline, it will probably do a full retrace down to 148. Based upon the bearish divergence shown on this chart (the light purple lines on price and MACD), I think 148 could easily be reached, perhaps sometime in 2009. So there's your longer term projections based solely upon technical analysis from someone who doesn't know a whole lot about what he's talking about.

M2B

I agree. Monthly chart has broken hard from the upchannel and will test the brown 55 sma at 209.76 area then the green 250 sma at 200.44 for now and leveling out.
The 150 sma (teal color) and the 100 sma are rising to meet the 138 fib extension after crossing above the 200 sma (Red).

here is the chart. It shows it pretty plainly.

5 min chart inverse head and shoulder has broken the right shoulder area confirming small retrace. I have 3 longs target 212 area. I am still holding my 2 shorts from 213.15 area but I am scalping the retrace with a hedge.

Thank you m2b, your in-put is always worth $. What do you think about that 205.70 area.(Black Line) That looks to be good r/s in the past? Just throwing out some analysis here. To tell the truth, I agree w/ you. And I think we will see the DOW in the 10-11K area by the end of this year.