Daily GBP/JPY analysis

Guys,

I looked at this pair from about 10 years ago and it likes to fall drastically when it hits around 250.

History may or may not repeat itself.

But one things for sure: GBP is strong today and JPY is weak..... thus the extreme 2006. I don't like promoting my pyramid ideas, but the historical extreme falls tempt me to open a few small shorts around 250 and try a few legs every 100.

Risk reward is nice from a historical and practical aspect.

V out.

Thought I would post my result of 2/9.
Short 237.60 Hit Limit at 236.60 +100
Short 237.27 closed trade 236.64 +63
Short 236.96 closed trade 236.64 +32
Lost some pips on the 2nd & 3rd trade - got too gready. But it was a good day. Hope your results were better.

Anyone knows the reazon about the fall in gpb/jpy at 23777 yesterday?

It should reach MA-2 before going up again that is what previous moves say!!!

what is ma-2?

Much ado about nothing

236.93 was a good buy target.

Sunday Analysis:

Buy the open
Buy again at 237.80
Stop/Reverse at 236.93
Sell again at 236.57

Its looking like a buy signal. Whats the concensus on what will happen next?


happy trading

There's some amazing prices being quoted on fxstreet and finance.yahoo.com/currency. Like 241.00 for GBP/JPY and 1.9850 for GBP/USD. Might be a mistake, but if its not the shorts will be in a world of pain.
Edit: Sorry 242.00 for GBP/JPY!

Bodge,
Those moves are really huge could you send the link to those articles.


thanks

nikin there's no article, just quotes. Check www.fxstreet.com's main page, or look here; http://finance.yahoo.com/q/bc?s=GBPUSD=X&t=1d
Keep in mind this could be an error.

Yea that definetly looks like an error. There must be a glitch or something, because thats not normal

this happens a lot at weekends for some reason

Perhaps to satisfy technical indicators!!!

No significance whatsoever to G7. The ministers told the market that trading is risky. Thank you very much. This is not going to put a dent in the carry trade. Until reality comes into play, e.g., BOJ raises rates, expect more of the same.

GJ at an interesting point in his travels. 10 year high - have a look.

The GBP/JPY is currently at 235.27! That is a HUGE drop from Fridays close. I was actually considering getting in LONG at this level but we'll just have to see what happens at the markets open Sunday! Just some friendly info!

Live mid-market rates as of 2007.02.11 06:00:05 UTC.

1.00 GBP United Kingdom Pounds = 237.422 JPY Japan Yen


Just now at xe.com



Lou

I have been watching Real Time Forex Quotes and according to them the prices have been all over the place this weekend, some of them first up then down. Their latest quote for poundyen is 235.27.

I can believe that it is trading at that price, I just cannot make sense of why. With such a weak statement from G7, LOGICALLY the carry trade pairs should be rising at a rapid rate, not dropping through the floor. But this is hardly the first time that the market has not made sense.

Wow, now xe saying this, I wonder if its true;

1.00 GBP
United Kingdom Pounds = 238.965 JPY
Japan Yen

Do these mid market rates usually hold up at open or do they tend to return to what you see with your broker? (I am new to the idea of midmarket rates)