GBP/JPY Trendline Traders

Try SHI in VHands, and you'll be suprised, at least I was. Idea is good, but implementation bad.

does anyone know when the gbp/jpy will stop ranging?

So here we are with a new daily candle that broke above that 207.70 level. Now we'll see.

2nd chart shows PA back to January 08. Only time price came from below and broke above this level was Jan 22. 3 days later it hit 214, ranged and then made the big drop to 192. I don't think we'll get to 214 again, but the 79% fib level at 209.50ish would be a good place to see the shoe drop.

At this point, I'm fairly convinced it's when, not if it will fall, but still pondering the timing of the fall. That is always the thing tho, right?

Remember, the market can stay irrational longer than you can stay solvent... Keynes, I think)

What a difference a week makes. Target (from previous post) hit and exceeded by 50 pips on Monday, session high so far of just under 211 for Tuesday, and 211.80-212 now seems very reasonable, but lots of dismay in markets, so no expectations yet, until Tuesday candle close at 5pm.

In daily chart, GJ is about to touch ema 200. Up or down? From monthly chart we can see that GJ is starting the uptrend.

GBP/JPY's break of 158.56 minor resistance suggests that pullback from 160.44 has possibly completed at 154.85 already. Intraday bias is flipped back to the upside. Further break of 160.44 high will confirm recent rise has resumed and should target 55 weeks EMA at 162.21 next. On the downside, below 156.61 minor support will indicate that fall from 160.44 is still in progress and argue that a short term top is in place already. Deeper decline could then be seen to 150.86 resistance turned support.
In the bigger picture, there is no sign of topping in GBP/JPY yet and the rise from 118.81 might extend further. But after all, there is no change in the view that such rise is merely a correction in the larger down trend and hence we'll continue to look for reversal signal as GBP/JPY is now staying in 155.88/167.34 resistance zone (38.2% and 50% retracement of 215.87 to 118.81). On the downside, break of the trend line support (now at 147.90) will be an indication that whole rise form 118.81 has completed and focus will then turn to 143.00 support for confirmation.