Daily GBP/JPY analysis

Looking at the 4H there hasn't been much of a trend for the past week. More like a 200 pip range with 235.35 being the top today.

Exactly. I'd like to see a strong trend develop before I go anywhere. Cash is my position here. I'll gladly miss a 200 pip move and ait for a strong direction to guide me rather than lose 50 or 100 pips because I anticipated wrong.

235.35 was the peak of a 161.8 fib from high on 4-6-07 @ 15:00

Saw it to late to note here but will be looking for these in the future.

thanks, your 100% was near to my 38.2% fibo on the hourly chart on the movement up. Thinking we will get a bounce up from here.

Anyone see that battle going on just now around 235.00 with the release of the JPY news? Cool stuff!

With FOMC minutes and Bernanke's speech, tomorrow (Wed) will be a dollar day. Carries are not favoured...

Just my 2 pips, since I remember last month FOMC dollar going crazy and people trying to trade GJ.

Bernanke is sure dollar related messy bullshit. With UJ and GU going nuts, trading GJ adds to the mess.

I'll be all out by that time... last month's was crazy enough with Bernanke "changing Fed's bias" and the market not understanding that it meant for 2 whole days.

dollar was sold hard after the speech and was bought heavily on the next day...

Hate this day more than I hate NFP

Not to mention some organization will give Greenspan 100k to speak at their convention so he can completely contradict what Bernake says and really mess with the works.

its slowly crawling to the resistance line at 235.26 how far it will go ? on thursday there is some negative news for BPG
4:30am GBPTrade Balance http://www.forexfactory.com/images/m...mpact_high.gif
-6.4B-6.2B

you think it will go down after ?

I'm going to be pissed if this thing breaks out now. I just closed my last long I've held since Thursday @ 235.09. Hopefully it'll hang around & find a new support level in the 235s if/before it breaks.

From the 4hr charts it looks like around 235.30 may be a support/resistance level. If the next candle closes above it I may load on on a few more longs.

lol, it is breaking out. might continue into the europe session.

up

up


up


to 235.96

How concerned are you long carriers about that trade balance report coming in a few hours? Already priced into the market maybe?

Damnit I was on the wrong day. That's Thursday morning!

Heh. Don't worry, we can still be concerned and everything

Meanwhile, pips are rolling in. Traders who have gone long should look to close half of their lots now (235.60). No harm in letting some loose though. Could land on the moon.

<-----Watching from the sidelines as the pip bus rolls by...

well not too bad for me. i entered during the asian open, still think the entry was a bit lagged coz i woke up late, (living in singapore). I was analysing the bull run last night and could not gauge where the market was going today, so i did some news research and took a long once the price rested at the 21sma of the 1hr chart for both the gbpjpy and gbpusd. entered the cable at 19727 and yen at 23488.

go johnny go

amazing wooow


now next target 236.2

<<Cable has scaled a new eight-day peak of 1.9792 in early European
trade, as the continent absorbs the FT-reported news of a Treasury proposal to allow British-based multinationals to repatriate billions of pounds of foreign
profits tax-free to the UK. 1.9780 was today"s Asian session top.>>