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Daily GBP/JPY analysis

  • #701
  • Feb 28, 2007 11:21am Feb 28, 2007 11:21am
It is night here so should catch some sleep. Hope nothing happens extreme GOD BLESS ALL.
  • #702
  • Feb 28, 2007 11:53am Feb 28, 2007 11:53am
Quoting simplecoders
.

Now you can see that it has gone back to 232.. so I feel that this up and down will go on until tomorrow GBP news which should bring GBP down .

GBP CBI Distributive Trades Realized http://www.forexfactory.com/images/m...mpact_high.gif
22 30
http://www.forexfactory.com/images/m...l_analysis.gif
The uptrend might start from the JPY news events on Friday of which the most important is JPY Negative as per the forecast.

JPY Core Tokyo CPI m/m http://www.forexfactory.com/images/m...mpact_high.gif
0.0% 0.2%
Thanks for your information above.
I checked the calendar, I knew that Thu GBP CBI Distributive Trades Realized http://www.forexfactory.com/images/m...mpact_high.gif, and the number I heard is going to be good. Can you confirm this?
As for Friday, there is no JPY news events. Can you also confirm that?
Thanks again.
  • #703
  • Edited 1:27pm Feb 28, 2007 1:13pm | Edited 1:27pm
Where did you "hear" that the number was going to be good? Can you confirm this?

It'a called hooey! ("nonsense, foolishness,)


Quoting trader8686
Thanks for your information above.
I checked the calendar, I knew that Thu GBP CBI Distributive Trades Realized http://www.forexfactory.com/images/m...mpact_high.gif, and the number I heard is going to be good. Can you confirm this?
As for Friday, there is no JPY news events. Can you also confirm that?
Thanks again.
T
  • #704
  • Feb 28, 2007 1:51pm Feb 28, 2007 1:51pm
I see a very nice doji forming on the daily chart

What do you guys/girls think?
Trade what you see, not what you think.
  • #705
  • Feb 28, 2007 1:57pm Feb 28, 2007 1:57pm
I'm going to keep my pips in the Bank for now on this pair. In fact, I'm probably done with it for the week. I see your doji and the 200ma down around 226.33. I may set a trap limit below yesterdays low in the event she wants to drop. I heard she might!


Quoting karmostaji
I see a very nice doji forming on the daily chart

What do you guys/girls think?
Attached Image
T
  • #706
  • Feb 28, 2007 2:14pm Feb 28, 2007 2:14pm
Id advise anyone thinking of trading this pair right now to be very cautious. There's no specified direction at the moment. A good idea is to wait for a break out from the triangle that is forming now. Any thoughts?
Attached Image
  • #707
  • Feb 28, 2007 2:24pm Feb 28, 2007 2:24pm
Thanks for the TL's ZAW- it corresponds with my Buy and Sell levels. Still going to sit it out for a while.
Attached Image
T
  • #708
  • Feb 28, 2007 2:28pm Feb 28, 2007 2:28pm
Looking at the daily chart, a form of a doji is forming, so that indicates that the downward movement might be over for now. To the upside, 233.35 might prove an important resistance, and later the 234.80 swing high. To the downside there is some key resistance at 231.80 and 229.00. Overall, look for a breakout from the triangle before deciding on a direction, with a bullish bias over the next few days as some carry traders might be getting back in. Good luck!
Attached Image
  • #709
  • Feb 28, 2007 2:33pm Feb 28, 2007 2:33pm
Also, looking at eur/jpy and usd/jpy, we can see there is a slightly bullish channel forming, so that might translate into bullish action in gbp/jpy as further confirmation.
Attached Image
  • #710
  • Feb 28, 2007 2:34pm Feb 28, 2007 2:34pm
eur/jpy chart
Attached Image
  • #711
  • Feb 28, 2007 2:37pm Feb 28, 2007 2:37pm
I tend to agree with your analysis. I took a long position at the open of the new daily candle yesterday and within an hour it was pushed up for a positive 100 pip gain. The new day should open with the pair resting comfortably above the pivot point which should further validate a move northward for me anyway
T
  • #712
  • Feb 28, 2007 4:15pm Feb 28, 2007 4:15pm
Now, at 232.60. Are we ready to come down for temperary, or keep going up? Look at the chart.
Looks like it keeps it down below at 233.00
  • #713
  • Feb 28, 2007 4:46pm Feb 28, 2007 4:46pm
Quoting zawodowiec
Looking at the daily chart, a form of a doji is forming, so that indicates that the downward movement might be over for now. To the upside, 233.35 might prove an important resistance, and later the 234.80 swing high. To the downside there is some key resistance at 231.80 and 229.00. Overall, look for a breakout from the triangle before deciding on a direction, with a bullish bias over the next few days as some carry traders might be getting back in. Good luck!
thanks sir
good analysis
  • #714
  • Feb 28, 2007 5:05pm Feb 28, 2007 5:05pm
So if we see a breakthrough and a new candle forms passed the resistance, then we should go long? What kind of stop loss would you put?
  • #715
  • Feb 28, 2007 5:16pm Feb 28, 2007 5:16pm
On a day like this you have to be very careful, especially with this pair. Also notice the resistance at 232.99. It might hold and the pair will go down again or it might break and we'll see some upward movement. I'm not entering at all right now. Good luck!
Attached Image
  • #716
  • Feb 28, 2007 5:30pm Feb 28, 2007 5:30pm
Zawodowiec was right, 232.99 is a resistance, I've been through that.
  • #717
  • Feb 28, 2007 5:37pm Feb 28, 2007 5:37pm
eur/jpy and gbp/jpy just took out the resistance.
  • #718
  • Feb 28, 2007 5:38pm Feb 28, 2007 5:38pm
Here we go. I'm in long 233.10. Let's ride this bull to 238!!!!!!!!!!!
  • #719
  • Feb 28, 2007 5:41pm Feb 28, 2007 5:41pm
Now that we broke this resistance 232.99. Any suggestion from here?
  • #720
  • Feb 28, 2007 6:02pm Feb 28, 2007 6:02pm
Quoting trader8686
Now that we broke this resistance 232.99. Any suggestion from here?
I would like nothing better than to see this pair go to 241.

Realistically, there is an old support from last week around 233.70-80 which might act as a resistance stopping further upward movement or at least temporarily stalling it.

My opinions are not worth much to anyone except me since I use them to trade my live account.
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