Daily GBP/JPY analysis

actually, i think there is 219.70 - that's the next fib level (987) according to tunnel trading.

I just loaded up long on GBP/JPY, EUR/JPY and of course USD/JPY ;-)

....why?

how long?

first stop, just shy of 224, if it pierces the ceiling there, next stop are the 226s

HI,
Just curious why you think it will test the earlier high of 223.80.. surely were on a short, and this right now is retracement, currently looking at hitting the 61.80% level??

Why? Here's why. I went long at 19:21 at 221.41 based upon a 1,2,3 bottom on the 15 min chart. Look at the three candles. My limit was 222.50. It hit the limit at 20:05 for a +109. This pair just loves to give out 100 pips to whomever is willing to receive them.

Woops! Made a mistake backing up GMT. That was 18:21 and out at 19:05. That's better.

I agree, its swings are 100-200 pips at a time..

Im still stuck in the faith of the ongoing strengthening.. however, as I watch it looks like it wants to go up to the earlier high of 223.80..

This pair is amazing.. You go away from your desk for half an hour and your money is already hit both its limits, stop losses and anything else it finds..

What charts are you watching on ?

Cheers

MT3 I quit watching fibs sometime last week.

One never knows with this pair where its going to go. But to get to 223.80 it would have to go through, as I see it, two trend lines. One is at 223.00 which it pierced once and is now trying out again and the other is at 223.46. I would wait untill I see a close above the 223.46 before taking any long positions and then with great caution.

HI Barry,

Interesting reading.. im holding long on this pair at the moment, but need sleep soon.. and you know how bad this can be to leave this trade open!!!

its looking like quite a move up again... your initial call earlier was correct..

what a pair!!!

I know what you mean about the fibs, as they can be interpreted in a million ways.. on a million time frames and charts.

Just been looking at the daily chart over the last year, and noticed that the 50% retracement was nearly the low it hit earlier near 221.05.. before heading back up.. maybe coincidence.. who ever knows!!!!

225.31 on the horizon. Double bottom on H1.

that double bottom might cause some buying action actually

im going long on this one

Fib 23.6 is holding it, if broken next celing is at 225.77

I'm giving live commentary haha.

223.99 now. Are we going to take off ?
Looks like, but where is our resistance level ?

there we go.... bulls lookin good

I've learned not to fight the market rather let other do that for me. My stop order was at 224.05 for long so that if broken I get in immidiately :-) guess what happened...

4H chart up trend confirmed.