Daily GBP/JPY analysis

trendline and MA resistance at 247.48, I'll go long if it breaks through.

Yes southernmind I've noticed that. I find it much easier to treat each pair as being unique, which they are. Don't pay attention to the correlations, you will often lead yourself into traps.
When you talk about USD/JPY and GBP/JPY, keep in mind you are talking about 3 completly different currencies. Therefore you should expect more than 1 or 2 scenarios to happen. There's nothing wrong with looking at your currency crosses to see how they are performing, but don't over analyze it. I know correlations sound and look good, but when it comes down to it, they are just a distraction.
I wish you all the best.

I'm in..I love GBPJPY

If you just go long..you would make at best 3 to 4 K PIPS thats ok..but if you trade.you would make on average 10 k to 30 k PIPS in a year..If you think you have opened a bad position don't close it just open double against it and it will balence it off.

The thing i love is it's very very trending unlike GBPUSD its elder bro..who has a nasty habit of reversing a good trend.

GBPUSD is a flirt, GBPJPY is the derby horse..once its goes..it never comes back

I totally agree with you. the GBP/JPY is more predictable. If it has a bad day one day, you can bet it comes back stronger later that week. Most of my focus is on gbp/jpy and euro/jpy.

Anyone using leading indicators like Vantage charting on this pair?

Thanks duke for starting this thread.

I am a newbie and like all newbies have been concentrating on the usual GBP/USD, EUR/USD etc pairs. But I have found this GBP/JPY pair very interesting and have made some successful trades with this and the only thing I don’t like about this pair is the spread charged by the brokers.

i hope gbp/jpy will fall tomorrow!!

Perfect bounce off the resistance line drawn from Jan 22 (and simultaneous bounce off a similar line drawn from Jan 29 on the USD.JPY pair)


I entered short @ 237.85 SL 238.30

Any ideas if we are going to take out 238 today?

Great call.
But I prefer waiting 4 reversal.... swap is big on this pair...prefer to be on long to have interest rate....

i see you are using this 00:00 gmt as a key for a movement. what would that translate to in est????

I have totally overlooked this pair for trading, I feel as if I have shorted (no pun) myself after reviewing the movements of this pair.
I understand every currency has it's own personality and am curious if those on this thread that have been trading this pair, if they have suggestions for indicators that respond well to this pair.
I am pretty much a scalper and this looks to be ideal for scalping.
I do not trade naked but like 2-3 indicators for confirmation.
Any informed suggestions from the experienced ones here?
Stan

I think it's fall to 235.25 this week.
Open your four hours chart, you see gained fibo 78.6 so it's fall...

OK I being trading GBPJPY from past couple of years.

Here are some tips.

1. Trade only Tokyo and London times. 90% of the time the trend from Asia continues through Europe unless you have some big news on GBP.

rarely the trend reverses like his elder bro GBPUSD, who loves to flirt all day and eat our balences away by the time we reach US time.

2. GBPJPY have a habit of turning back upto 40-50-60 PIPS, considering it has a spread of 8-9, its normal, BUT if you are newbie..you will be scared and will never come back to trading GBPJPY, so always set your stop loss above 100 PIPS AND trade with the money you would be prepared to loose.

The 40-50-60 PIPS turning back you see is not reversal of trend..just relax..probably some big guys unloading the trades etc..again 90 percent of the time..the trend will follow up.

3. Play with the pyramids..if the pip goes 50 to 60 PIPS know that it will hold the position..so built on a nice pyramid to make up the lost PIPS.

4. EXIT by US afternoon as most the trade will be slow till the market open for a new day in Tokyo.

5 Be a day trader, I would at the most if i see a big trend hold for 2-3 days..I have carry trade in other accounts.

6. If you play intraday..you will make 10 to 15 K PIPS..If you go carry trade you would make 3 to 4 K per annum..both are nice. depends on how much you got.

Probably the biggest thing in trading is confidence, which you get with experience ..so keep your arse grinding untill you say..ohh yeah..i can do it

Thanks SpiderForex for your Xperience.

What do u see as next move for GBPJPY ?

Thanks.

0:00 gmt is 5 hours ahead of est. as of right now. (dst will change it I believe). You can expect the trend for the gbpjpy to be set between 7pm-12am sun-thurs nights.

Some notes:

If the gbpjpy begins to go off in a direction but stalls out and retraces to the daily open price (within a few hours of the daily open) then crosses the open price, it will most likely continue in the direction of the cross.

A good method to make sure you won't get hit by some unexpected reversals is to apply a filter. I find that the bgx (search bunnygirl on Forex Factory for the MT3/MT4 indicator) will do a nice job of this. I have had some nice gains over the past weeks from this set up. (30 min with the Bunnygirl Cross and Daily Open) It plots the daily open and the 200sma I believe. Almost always when the 200sma and the daily open are near the price will cross both and take 100-150 pips.

I also have found that trailing stops on this pair are useless. Just let the trend ride until around 17:00GMT (2pm est). Because of this I have been taking out about half of my trade size around +30pips so that I can leave my other stop at -30. Basically allows it to be a Breakeven trade with a low probability of being stopped out.

Sorry if there are any grammatical errors, in a rush right now. Any questions, just ask.

I have always been interested in the GBP/JPY pair and all input about the pair would be appreciated. I have traded this pair for a few months about a year ago and made some MAD PIPS on a DEMO account.... then I drifted to the good old GBP/USD pair where I have stayed on my live account. I am looking to trade this pair again so I am so glad this thread has been started. Thanks DUKE!

I also see a reversal coming soon on the GBP/JPY..........we'll see Tokoyo open Wednesday night (EST)!

Good Pip hunting all!

Greetings GBP/JPY Traders..... Is there another indicator I can use with another broker's platform that is similar to "Bunny Girl" . Appreciate any help on this one.

I don't know of any. If you know the extenstion that this program uses you can google

Bunnygirl *.ext

where ext is the extension. Google should return all sites that have that extension and bunnygirl mentioned. Should help you narrow it down if indeed it does exist.

I've been short GBP/JPY since 1/25 with about 12 trades off and on. I still like it short to about 234.00 I just sell on the bounce. I looking at about 250 pips.