Daily GBP/JPY analysis

move my stop lost from 237.05 to 237.15

why?

COULD BE DANGEROUS

I drew a fibo resistance and I saw 50% resistance at 237.08.Yes its dangerous but take a look at my nickname!!! And I'm short for the long run I don't want to be stopped on monday so I keep my stop loss in my head when i'm in front of the sreen. I don't want to be stolen but sometime I lost big Time !!!

Yen Gains as Shiozaki Says End to Falling Prices Is in Sight
By Aaron Pan
Feb. 26 (Bloomberg) -- The yen rallied from a record low versus the euro after Japan's Chief Cabinet Secretary Yasuhisa Shiozaki said the end of falling prices was near.
The Japanese currency rose against all 16 of the most-active currencies after Shiozaki said an end to deflation ``is in sight.'' The yen also gained for a second day versus the dollar after Vice Finance Minister Hideto Fujii said U.S. Treasury Secretary Henry Paulson may discuss currencies with Japanese Finance Minister Koji Omi during his visit to Japan next month.
``The comments will be a catalyst to enable dollar-yen to move lower,'' said Neil Jones, head of European hedge fund sales in London for Mizuho Financial Group Inc. ``The yen can gain some support in the short term.''
Against the euro, the yen strengthened to 158.69 as of 7:18 a.m. in New York, from 159.38 on Feb. 23, when it touched a record of 159.65. The yen also rose to 120.61 versus the dollar from 121.08.
``The economy has recovered and prices are also picking up,'' Shiozaki said at a regular press conference today in Tokyo. ``An end to deflation is in sight.''
``There's no predetermined topic for the meeting'' with Paulson, Fujii told reporters in Tokyo today. ``Currencies and monetary policy are likely to be on the agenda.''
Paulson is scheduled to visit Japan on March 5 to meet with Bank of Japan Governor Toshihiko Fukui as well as Omi. The Group of Seven industrial nations this month declined to discuss the yen's weakness as a potential threat to the global economy.

I'm all in..BIG TIME SHORT

I think after the strong GDP numbers and recent rate hike. It lost the breath to go up, its dying slowly between the channels and will be put into the graveyard by the 20's and seems like its willing to die before it raises again from the ashes of its lost glory and go towards 40 mark and possibly touching 50

Not sure anyway, but im on a safe side gambling as it's month end and i have full quota of balence remaining before i get my next check..wow..its only 28 this month so only a day left

No stop loss this time, Im all in..as i take shelter in Soros great words , " If you believe the markets gonna go your way, betting your house won't be enough"

Well..Its all confidence..but im less than half confident on anything so gambling once in a while is ok

If I were you, I'd be careful with "going all in". While you may be right about the direction, there can be swings of hundreds of pips to the upside before the reversal begins. Another thing to consider is the fact that carry trades are still very much a big factor in jpy crosses. It will probably take a much bigger rate hike for the carry traders to unwind their positions. But you never know, so you have to be ready. Anyway, good luck!!

I'm getting short signals on the monthly chart, I think this baby might be ready for a reversal, whether it be small (500-1000 pips) or a lot more. Time will tell. Trade at your own risk.

Weekly Chart

Weekly on the 4 hr with last weeks fib

A solid break below 236.20 has me rolling my stop down around the 50 range to lock in some pips, it's on now, but no telling when it will chop or reverse. Like I say, react, don't predict. Jap industrial production and retail sales looks like the only really significant news on this pair, at least until end of month. This is a technically driven deal now, but when it gets cheap enough the carrys will buy it up. Wait and see, and hold them shorts!

text book double top with break down the same distance as double top formation today. glad i was in short.

38.2% fib is 236.55, see if it retraces there and heads south again!

I wonder what all the communists out there think about all this money we're making lately with this pair. They probably want to apply the Tobin tax to it to feed the starving pygmies in Africa. Any thoughts, Che?

I've been away a little while, it's good to see everyone likes this apeshit pair. I like Zarul's comments. Yeah, you could lose your whole account or get filthy rich fast. That's why I love it, because I'm in the proccess of doing the latter. Screw Cable, I trade GBP/JPY exclusively now. It's easy to anticipate, but we should all still react instead of projecting or predicting. I recommend swing trading, holding for days instead of hours or minutes, and let's all get rich together. I appreciate everyone's input and comments so far as well, it's all helpful except for the communist stuff, when we should all be dyed-in-the wool capitalists here...

It is a beast, my friend, but when it's tamed, it's like a well-trained pit bull or fighting cock. It'll make you money with impunity until it kills itself. Part of the reason I haven't been here lately is because I've been managing these trades, quite profitably. Every bit of everything we've all learned about this market applies to this pair as well, but the losses and gains are a lot bigger. You need some balls. The huge gains more than make up for the losses, in the end it all comes out in the wash at around 15 to 20% a month!

Sorry to get all of my posts out of the way at once, but I'll probably be busy with this here GBP/JPY the rest of the week. Note that the bulk of the short move we enjoyed today happened right on the London open last night. Just food for thought...

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Follow the daily chart for trend, trade the H4 chart, Stop loss (if you want to keep ---120-150 pips), take your profit at fibos and re-enter. And most of all be patient. Thats all for GBP/JPY.

Follow the wave in 1 hour... That's how you trade (already >100 pips and clicking); especially gbpchf and gbpjpy...

1 more for the road, since I just got my break and locked in over 100 pips. Buy low and sell high, that's how you trade!