GBYJPY OPEN FORUM

After confusion in multiple threads I am opening this one for traders of GBPJPY to compare and contrast current GBPJPY analysis. It is not my intention to follow any one person's system for trading but have a place where everyone can have a voice.
It is my desire that this be a thread where we can all bounce our different perspectives off off each other to continually hone our collective trading edge.
To better categorize posts it would be helpful to list the time frame you are referencing in the title of you posts. (M5, M15, M30, 1HR, ect...) Just a thought.

I've got two targets on my chart for GBPJPY. There are many places where she is signaling a move south, conservatively to 209.92. There are far fewer signals of a move up, but I have found one legitimate one that is headed to 211.29 conservatively.
The price is closer to the upper end. I will probably wait to see where she goes first and trade accordingly. Sell @ 211.29 TP 209.92, or buy @ 209.92 TP 211.29.
hedging would also be good now since we are in the middle. TP at one of the two targets and then add to the other position. I hope that makes sense.
We'll see!

Since I posted this earlier we saw a break of the 211.29, what she broke there was the 1.25 but didn't touch the 1.382 which will be the new upper target @ 211.40. If 211.40 is a breach then go to 211.60.

I am maintaining my positions. She will probably range for a while but I expect things to continue to head south toward those lovely TP's. Yeah.

Now whats everybody else seeing???

I think this was the appropriate thing to do. To many people are misleading others that are looking for the easy way to make money. Bottom, there is no easy way and DON'T BLAME OTHERS FOR YOUR LOSES. YOU pressed the button to enter or exit a trade, so when it doesn't go your way, blame YOURSELF, not who's post you read!

Now, on to trading. You have posted some good, accurate numbers. The long term trend has changed as well as the medium term trend. The short term trend has went down to test the support at the 100 SMA, now it is headed upwards. No annoucements until 9:30 so it should continue upwards or range for the rest of the night.

gbpjpy is hovering around a yearly pivot support line at around 210.33 it has been hovering around there for most of the month of feb. back in Jan it dropped like a rock down to the yearly M1 pivot at 204.54 and bounced off of it.

With the yen repatriation (look back at the last week of feb first week of march last year) over the next few weeks I would look for this pair to drop. It is currently midway between two monthly pivots and I believe it will head down to the monthly m2 at 208.05. A break of the yearly pivot and hold below it (210.33) could be the trigger that drives it down. Unfortunately with the repatriation going on look for worse than usual volitility in any of the yen pairs as banks drive price to a point where they can soak up yen quickly.

Just my opinion though, since I am still a rookie when it comes to forex.

Dear all,
I agree with the south trend today for gbp/jpp.But maybe the range is 212 to 209.5,
hope to get your ideas.
Appreciated for your assistance
Ele

The "RSI" is a powerful tool on the 1 hour chart. Also the "MACD" was crossed up on the 4 hr. Just helpful info for trying to predict which way a currency is headed. Trust your indicators or trade naked. "I think" will get you creamed every time!

I'm maintaining my positions. A northern cycle just completed @211.81 being the 2 fib ext level.

Has anyone noticed the 'head and shoulders' on the weekly chart? According to the old head and shoulders rule I'd say she has some more dropping to do! Other thoughts???

That is a long term trend. Trend for tonight is up!

I agree with you Scotty B. It looks like it is only about halfway done with this head and shoulders run down. Lots of room to drop long term.

I'm not a chart pattern guru, but it looked a lot like one to me. It reminds me a lot of my mother in fact, well, her head and shoulders anyway. A broad little woman she is!

That head and shoulders gave me the best 3 months i ever had.