Current GBP/JPY price

I checked Tenfore and found that GBP/JPY was trading at 236.72/7 and EUR/JPY was trading at 155.94/7. That would mean a HUGE gap from the friday close of 238.16 and 157.01.

Then I checked Oanda and their prices are 238.15 and 156.98.

One of the other members of our trading group reports that xe.com was showing 236/748, which would agree with the Tenfore price.

Does anyone have access to any other price information on the weekend? This seems like a most improbable difference.

Saxobank shows 238.09 for gbpjpy, 156.98 for eurjpy.

FXCM has 238.16 and 157.00, respectively.

FXStreet is @ 238.07 and 156.95.

I assume these quotes are updated 24/7 but I'm not sure. I just keep them in my favorites folder for reference against my broker when I'm trading from time to time.

NorthFinance closed Fri at GBP/JPY 238.22 and EUR/JPY 157.03 if that helps.

I'm running Oanda +NF and they normaly seem to to follow each other nicely, except that Oanda sometimes cut some of the wild swings NF shows, but right now it looks OK.

Have a nice weekend
Klaus

I do not know about Saxobank and FXStreet, but I do know that FXCM does not update on weekends, based on what they told me in the past when I was using FXCM as a broker. FXDD is still showing the friday close prices, but I know that they do not update either.

Are we sure that Saxobank and FXStreet update on the weekend? Are any prices they show changed from the friday close prices because that would show that they are updating?

I just find this situation a bit disturbing, and it makes me begin to wonder who can be believed. I will be extremely happy if the price has dropped, but the fact is that the opening price on Sunday will be what it will be whether I am aware of what is happening or not.

I just noticed that Saxobank's time display is GMT 22:00 hrs...which is not current GMT. Sorry for the goose-chase.
edited to add: FXStreet is showing Friday's close, too.

Thawy.

Now I looked at Real Time Forex Charts(FOREX TradingCharts.com).
GBPJPY...236.72
EURJPY...155.94
(Japanese FX broker is not updating at weekend...)

Thank you for the information, interesting that they use Tenfore as their source of information which gives more validity to Tenfore's data.

If I used Oanda as a broker I would be seriously considering taking advantage of the fact that they have weekend trading even if the spreads are large on the weekend. I am already short.

Strange thing is that EUR/USD, USD/JPY, and GBP/USD don't have any price changes since Friday close. How could the crosses between EUR, GBP with JPY drop so much? They'll most likely come back to Friday close/near close on Monday open then.

Actually, UJ dropped from 121.59 at friday's close to 120.8. The phenomenon seems to affect the yen pairs and may be the result of the G7 meeting.

I was suspecting that an appreciation of the yen could easily occur as a result of the G7 meeting and very uncharacteristically left an open poundyen position. The last time I did this, there was an 80+ pip gap downward. The pair then continued down another 200 pips or so on Monday. That move represented the 61.8% retracement of the large move up.

On Friday we were at a monthly double top and therefore can be expecting major resistance. This is the first time that this area has been tested since January 1998.

Looking at UJ is even more interesting since it is at an area of very strong resistance and a weekly double top which rejected the price in 2005. There were also numerous prior times when this area acted as resistance prior to that time.

Since there is a great deal of correlation between movements in the various yen crosses, this would be the perfect time for the current move upward to stop, at least for a retracement if not to reverse direction.

Now the Real Time Forex charts are showing prices for poundyen of 238.32, EJ pf 156.96 and UJ of 121.51.

I am still not sure if there has been an error or a rapid move and reversal. At this point, UJ and EJ are slightly lower than at friday's close and poundyen is somewhat higher.

This all does seem quite strange to me. However, the rationale for the yen crosses to drop at this point is valid, and there are more reasons for this to occur than I presented earlier.

Among the other reasons for UJ, for instance, is the fact that this area has been monthly resistance at least 4 times before. It would not be surprising for UJ to pull back from this strong resistance. On friday we were within 5 pips of the 61.8 fib of the prior move up which ended in July 1998. Since then there has been strong support at 101.23 which formed a monthly triple bottom in 1999 and between 101.65 and 102.13 which formed a monthly triple bottom in 2004. It would mostly likely take a great deal of momentum and probably some fundamental reasons for UJ to get past the 101 to 102 region. Generally, looking at the monthly chart of this pair, the highs have been getting progressively lower but the lows have been very stable, except for one excursion below 101 which occurred in 1994-95. Thus the pattern has been of a mostly solid support at around 101-102, with decreasing highs and a decreasing range. The pattern would suggest that we have reached or are very close to reaching a trend high which may lead to a lengthy pull back.

There is a somewhat similar but less interesting and less clear pattern in poundyen. The prior high was in July 1998 with monthly highs of 140-141 and a pattern of decreasing highs, except in this case most of the decrease occurred in the 80's and the highs have been less dramatic since 1990, with the highs being 286 then 249 then 240-241. Given the pattern, it would be consistent for the current 238 area to be a trend high to be followed by a drop to 171.5-172. There is no solid support area here as there is in UJ.

The pattern for EJ is basically similar to that of poundyen.

I am aware of what is being said about the carry trade and what would be beneficial for it. However, the carry trade has been around for a long time and the prior pull backs have also occurred in the presence of a presumably strong carry trade. That being the case there is no reason to believe that the effect will be so dramatically stronger than in the past.

To be added to this is the sentiment toward the yen and the tolerance of other currencies for an increasingly weak yen. There are already serious rumblings out of G7 about the excessive weakness of the yen and this may trigger the downturn, we will see. Another thing which may aid this is a possible pull back of cable based on the daily pin bar seen on the 23rd. If cable follows through this would be expected to result in a poundyen pull back.

These are just thoughts based on patterns, trendlines and consistencies in the behaviour of correlated pairs. We will see what will happen, although the events I am postulating will unfold over a period of months, not hours and days, or even weeks.