Daily GBP/JPY analysis

A very very dull day for GBP/JPY!

Yeah! Complete indecision..

Okay folks, where are we headed?

Im taking a small long position right now. Stop loss below the trendline. It's possible to see a retracement to the trendline before going up. Overall, I think there's enough momentum from the carry trades to take us higher, although in the long term you have to be careful with going long. Whats your stand on this pair?

Where is your stop 237.05???

Okay, folks, I hope y'all had a good run last week, I took profits incrementally up to this point, BOJ minutes from the January meeting will be out in a little bit, and it looks like it's time to start thinking about shorts. Remember, I swing trade this stuff, day trading is for the birds. I was a little surprised by the reaction to the rate decision last week, but no panic, no problem. I t/p before it came out and re-entered once it was obvious there would be no major change in direction. It looks like a short right now, but I'm waiting on BOJ minutes to enter a trade. Even then it might be wrong, this is still a carry situation, 0.5% doesn't really make much of a difference from 0.25, people are still carrying CHF at 2%.

If it spikes on the minutes I plan on letting it retrace a little, there are people out there still looking for longs. Right now momentum looks down but if there's one thing I've discovered since I got back into forex, it's to not predict, but react. Make no projections, react to movements, and try to get a chunk of the move instead of picking tops and bottoms, trying to get the whole thing. That will kill you in the long run. I think this will go short now, but I'll wait until I'm sure. The rest of you can take the extra pips. I just want my little 150 or 200 in the middle, I can sacrifice 50 on either end for certainty.

Okay, no spike at all but slow upward movement, I'm going to wait on Frankfurt and London for confirmation before I short. This is going to be a long night....

I went short at 237.30 about three hours ago. My technical indictors still suggesting a short, but I have been sitting through a lot of chop and sideways price action. Wainting for London to open to see if we get a real tend.

shorted at 237.20 a few hours back, currently at 236.63

interesting discussion here!!!! This thread is talking about my favorite pair!!!! I'm a swing trader too. Shorted 12 hours back at 237.40
First target 235.40

me short too... 237.68...lets see where it goes
where is your SL mine at 237.00 ??!!

Got in a little late here at 23666, been going up and down all day, be good to see some real movement....!!!

237.05

Short at 236,53 and stop at 237,03.let see

Facing resistance at 38.2 fibo.

Well it seems like everyone is going short (i am also short). We know this pair can have some swings (long shadows) so i think its a good idea to have a SL of 60pips or greater (if you can afford it).

I have closed my first short for a profit of 84 pips. Second short is on.

stopped at 237,03...suckssssss.i have lost 50 pips

hey duke

i am very wary of day trading lately, since i haven't done so well. i did a demo trade on this pair last night and made 50+ pips overnight. this market has been really choppy lately that i am going to wait until it gets its act together and makes it fruitful to day trade!!! missed those days of last november and december when it was jumping!!! of course i was in demo mode then, just got into forex trading myself instead of using a broker to make, oops lose my money. the last week or so saw some good movements for a few days in one direction and then the other, i do hope this is the trend to come . i will use this slow motion money maker of swing trading to build up the account and all the while see if i can make sense of the daily market and scalp some extra!!! not a bad plan i think, just have to see if there are any obvious patterns or this a woman during pms. i have been wondering if all the big traders are in this market right now?? the market is really going nowhere for the last 2 months. is the economic data that confusing or are they waiting for it to turn the way they predicted and then jump in??? or did they make so much money in the last quarter, that they are still on the beach soaking up the sun and getting really tan and waiting for the weather to turn warm in new york before they return and move the market?? any ideas??? my thought is the pound will continue to strengthen against the dollar for a while, while the dollar strengthens against the yen with the recent rate hike and more to come. should follow the down trend with this pair for now, unless some really bad news comes out and the u.s. economy starts to head south, then all bets are off. would love to see this go for 200 and the yen hit 110 in the next month, that would be sweet!! but since i am not running this market, i can only hope. where do you see this pair heading?? anyone can answer if they choose!