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Daily GBP/JPY analysis

  • #3,641
  • Apr 22, 2007 10:40pm Apr 22, 2007 10:40pm
Quoting Sami7
According to my Accucharts - Gap on USD/JPY 5 minute chart 118.66 - 118.68.
Sami7, What is that you are talking about actually?
  • #3,642
  • Apr 22, 2007 10:42pm Apr 22, 2007 10:42pm
Quoting trader8686
Plutonite, Is USD/JPY most moving along with GJ side by side or AUD/JPY? (If you watch and compare AUD/JPY with GBP/JPY they are almost always side by side.)
Many Yen crosses will look similar, even EURO/YEN is similar in movement to GBPJPY. The reason is because the biggest movements are generally linked to the Yen itself I believe, and USDJPY is a good indicator of the strength of the Yen in general because it is the most heavily traded one (it is one of the "majors").

I think we need a nice big post on correlations. It's actually a very complicated topic, and I'll check the forums to see if the experienced traders/pros/people in banks can enlighten us.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #3,643
  • Apr 22, 2007 10:46pm Apr 22, 2007 10:46pm
not so easy to correlate both. The trend on the USDYEN might be similar in the smaller timeframes esp during the asian market hours where price is predominantly flat . but on the longer time period, the carries are not that favored on the the USD pairs.

Correlation betwen the EurYen and the PoundYen is more profound as compared to the DollarYen which seems to be ranging at most.

regards
jest
  • #3,644
  • Apr 22, 2007 10:51pm Apr 22, 2007 10:51pm
We are at the 161.8.% fibo retracement on the most recent movement up on PJ and 100% on the UJ.
All hard work brings a profit, but mere talk leads only to poverty.
  • #3,645
  • Apr 22, 2007 10:53pm Apr 22, 2007 10:53pm
Huge move down. Somebody big is selling. I'm out for now.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #3,646
  • Apr 22, 2007 10:53pm Apr 22, 2007 10:53pm
Or does that simply mean it's a good time to buy?
  • #3,647
  • Apr 22, 2007 10:55pm Apr 22, 2007 10:55pm
Quoting jest1081
bored and spewing only
good call - do you see movement up at this point then?
All hard work brings a profit, but mere talk leads only to poverty.
  • #3,648
  • Apr 22, 2007 10:57pm Apr 22, 2007 10:57pm
Quoting ~Shard~
Or does that simply mean it's a good time to buy?
Your is guess is good as mine the market already filled the gaps so its now time to resume its uptrend my friend!
  • #3,649
  • Apr 22, 2007 11:02pm Apr 22, 2007 11:02pm
22:39JPY crosses are getting hit at the moment. They are taking usd/jpy down to the 118.75/80 support are. There may be stops just below.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #3,650
  • Apr 22, 2007 11:03pm Apr 22, 2007 11:03pm
Quoting 4x_Trader
Your is guess is good as mine the market already filled the gaps so its now time to resume its uptrend my friend!
Sounds good to me - let's buy, we cannot lose!
  • #3,651
  • Apr 22, 2007 11:05pm Apr 22, 2007 11:05pm
Quoting 4x_Trader
Your is guess is good as mine the market already filled the gaps so its now time to resume its uptrend my friend!
So, I was right. Gap is filled everytime in this pair.
But, believe me, I did see the gaps were not filled in other pairs.
  • #3,652
  • Apr 22, 2007 11:10pm Apr 22, 2007 11:10pm
Quoting ~Shard~
Sounds good to me - let's buy, we cannot lose!
Correct! I posted it a thousands times, live by the rules, act and trade, like the big boys are playing and money is always in the bag my friend!
  • #3,653
  • Apr 22, 2007 11:11pm Apr 22, 2007 11:11pm
Quoting trader8686
So, I was right. Gap is filled everytime in this pair.
But, believe me, I did see the gaps were not filled in other pairs.
Do not be so hasty. We are at a point where the market can resume the trend upwards to 240 OR break into a sideways range. London will be very exciting today.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #3,654
  • Apr 22, 2007 11:14pm Apr 22, 2007 11:14pm
Which gap u referring to?
My broker din give me any gaps?
  • #3,655
  • Apr 22, 2007 11:17pm Apr 22, 2007 11:17pm
Quoting jest1081
Which gap u referring to?
My broker din give me any gaps?
You must be not on MT4 broker.
  • #3,656
  • Apr 22, 2007 11:18pm Apr 22, 2007 11:18pm
USD/JPY is right now at 118.86 recovering its bullish trend that will be confirmed above our first resistance for today at 119.05. A break trough this point, could lead the pair to 119.30, 119.55 and finally the zone around 119.80/90. Supports today will be at 118.55, 118.20 and 117.90.

GBP/USD is right now at 2.0032 and the pair seems exhausted after two bullish weeks; although the pair remains bullish and over bought, 4 hours charts are giving signals of a possible correction today, being supports 2.0005, 1.9985, and 1.9940. Resistances today will be at the zone around 2.0050/60, 2.0080 and 2.0110.

Have a great trading day!
All hard work brings a profit, but mere talk leads only to poverty.
  • #3,657
  • Apr 22, 2007 11:25pm Apr 22, 2007 11:25pm
wow, so u mean big boys uses mt4? dang!
hehehe kidding. anyway the trend starts early, could proly be a fake out.

Quoting trader8686
You must be not on MT4 broker.
  • #3,658
  • Apr 22, 2007 11:28pm Apr 22, 2007 11:28pm
Quoting jest1081
Which gap u referring to?
My broker din give me any gaps?
I think the gaps being referred to were the price gaps at the open of the sunday session, all trading platforms should show this as it would be on any chart.
It's Maria Sharapova, and she's hungry.
  • #3,659
  • Apr 22, 2007 11:37pm Apr 22, 2007 11:37pm
Hi damian. Nice avatar. Looks like European banks are hungrier for yen right now than she is for...bananas.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #3,660
  • Apr 22, 2007 11:54pm Apr 22, 2007 11:54pm
A shitty start to the week for me so far. Can't trade against the banks.
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