GBPJPY

OK
This what i see on a 3 hour timeframe.
Big ascending wedge with a big resistance @ 213 on the upper side (This resistance is not visible in this image) and a regular divergence on CCI

Thinking on fundamentals I believe a BOE hawkish tone will let price breakout the wedge upside tomorrow. Let´see.
Comments please.

I think this pair is very predictable on a weekly time frame. Currently I think it's getting ready for a big move over the next few days as the price is stuck on the daily time frame.

I'm counting on it falling next week. Eventually reaching the 199 level over a few weeks.

From what I observe, the EURJPY and GBPJPY usually moves in the same direction, but sometimes one lags the other.

ADX crossed on Daily chart... waiting for trend confirmation. Took a low quantity short on G/J with DRA SL for D1. I'm expecting a huge swing down from here.

http://img104.imageshack.us/img104/9...y1006069pl.gif

ADX crossed on D1 (long side) confirming ascending triangle pattern with resistance somewhere at 211. Waiting to go long after break, target will be resistance at 213.

Good trading to all.

Good call so far pinoytrader. GBPJPY and EURJPY just shot up. Not sure why the huge jumps though.

Good point Iso if the two are closely correlated, we can settle for the one with the lower spread. I notice that GBPJPY quickly retraced after breaking resistance. If it goes back to below 211, a pin bar will form on the daily charts. So what will our next move be? For a newbie like me, I'm totally lost. I think I'll just wait it out till tomorrow and see if the break is not a fakeout.

Hi, Yardie. I am following Vegas' great methods and according to my indicators, the weekly is up. Maybe that is one reason why it shot up, momentum. Don't know why the jump was so huge though.

Good trading to all.

Did anyone catch the GBPJPY or EURJPY trade (demo or live)? target of 213 was hit for a nice 150+ pips of profit for the GBPJPY pair. Currently up 70 pips for EURJPY. We can wait for it to retrace next coming weeks and catch some more pips on the short side. This (GBPJPY) pair can get as crazy as it wants on its swings as long as it lets us ride with it.

Good trading to all.

You think these crazy pairs have topped out Pinoy? They are not so easy to predict.

Thanks for your reply, it made me be aware that I am trying to predict what the market will do, which I should not. You are exactly right, the market is very hard to predict. Maybe this is one problem with newbies like me, we always want to be in a trade and always excited with price movements. I'm still learning though, and every lesson I get from you good guys is greatly appreciated.

I am presently studying VWB and I see that price is near the target fib line that tells us to be on the alert. But as vegas said, discipline is the key, and patience also. So I'll just wait it out and see what this pair does and learn some more from this great forum while waiting it out.

Have a nice day.

Seems like not many people trade this pair (GBP/JPY) would like some charts/analysis to see when the heck this thing is going to fall ??

Hello everyone, just been wondering what your thaughts are about the gbp/jpy... i know because of the wide spreads and volitile movements that most people shy away, but i've been trading this pair for a while and have made up to 430 pips in one trade...(4 days)

at the moment with the possibility of the boj raising interest next wk (although they are a little divided at the moment) i see a chance that the long term trend might be comming to an end. see the monthly chart and you will notice that it's been in a steady upward trend since 1999. they have also had a near zero interest rate since that time which is now comming to an end. which is what makes me think the trend could be turning. if it does and the boj does increase interest next wk i think it could strengthen to the 206.30 support in the near term.

anyway, i won't go into it too much at this stage... just wondering what you think...

Thanks Isotonic, I caught the move down that started on the 5/5. I try trade as best i can but still feel "lucky" when i catch a run like that. I'm still hoping for another nice move down, at this stage it seems every one it waiting for an interest hike from the boj but they are a little divided about what they want to do, so who knows.... i guess we'll see next wk for sure.

So, with the JPY annoucing interest rate (maybe) this thursday...what is everyones thoughts on direction of movement? Whether they do or do not change interest rates? Thanks!

Spider~

Immediatly I will be asked... Why?

And I will respond... Because.


I will also reserve the right to change my mind before I inform you I have done so.

Hmm... Actually I should probably post this in the Journals.

Oops... better hurry and post it somewhere before it hits it.

well it broke 217 by a bit

Can it keep going up with all the negative news out of Japan? Anybody have a take. Looking at starting to trade this or gbp/jpy

OOps ment this one or the eur/gpy

thanks

Tom

Every body likes the Gbp/Jpy for its fat swap. One popular hedging strategy for this pair is to buy the pair in an interest bearing account and sell it in an interest free account, also called the 100% hedge. Like always feared and we are witnessing these days, the very high swing in the naked Gbp/Jpy can blow off any one of the accounts. To sedate this hyper pair, it would be worthwhile to consider selling 1.8 Gbp/Usd along with it in the interest bearing account and vice versa in the interest free account. This can considerably reduce the swings in both the accounts, while also adding to the total swap. Any thoughts on this would be appreciated.