Daily GBP/JPY analysis

Gbp vs Jpy (4H) - Preferably, I'm looking forward for a bearish continuation trend scenario either refering to the alt counts in magenta or white. Otherwise, please be careful toward any bounce scenario in yellow.

Gbp vs Usd (Daily) - Favourably, I'm looking forward for a bearish continuation trend scenario either refering to the alt count in magenta or yellow. Otherwise please be careful toward any breakout at the upper green trendline perhap so perfom subwave c in 4 refering to the alt count in white scenario. Good luck.

Gbp vs Jpy (4H) - Please be noted due to the strong bullish trend, therefore I have to made some counting adjustment toward the alt counts in white and magenta. I still believed market still not complete the major wave 5 either in white or magenta and therefore, I'm still looking for any possibility toward a major bearish continuation trend scenario. Otherwise, please be very careful market may already completed the major wave 5 in yellow and already in progress to perform a bullish reversal trend.

Gbp vs Jpy (Daily) - Preferably, I'm still looking for an opportunity towards a bearish continuation trend scenario either in white or magenta.

Eur vs Usd (4H) - Favourably, I believed market will perform a bearish continuation trend scenario either in yellow or magenta. Otherwise, please be careful for a possible bullish retracement trend refering to the alt count in white.

Eur vs Usd (Weekly) - I believed market in progress to complete major wave 1 either in magenta or white. Please be careful for any strong bullish retracement trend scenario once major wave 1 is completed. Good luck.

Wednesday, March 31, 2010 14:48:58
(UK) PIMCO said that the UK risks a vicious circle of rising debt costs as global investors demand a penalty fee on gilts to protect against inflation - Telegraph's Ambrose Evans- Pritchard
- According to Bill Gross, the UK was on PIMCO's list of "must avoid" countries along with Greece and others in the EU's Club Med.

My chart analysis on gj..PRZ is in the 142.20 zone

thanks for the info. Happy trading.

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At this moment, market is already at the upper green trendline. Favourably, I'm looking for a "pullback" scenario. Otherwise, please be careful for another bullish rally toward the major upper yellow trendline. Good luck.

I am short GBP/JPY at 143.34 level. As shown in my chart below. SL is the red line. Final PT is at 139.20 range. I will B/E the trade when price action gets to 142.80.

At this moment, I'm looking forward for a bearish retracement trend scenario to perform subwave 4 either in white (truncated) or yellow (impulsive). A valid "double top" pattern would bolster to this scenario. Otherwise, please be
careful for another breakout toward the bullish continuation critical line 2. Happy weekend and good luck.

It could be a good short as well. It all depends which direction we get moving. That is also a good level of resistance.

resistance found?

At this moment, I'm looking forward for a bearish retracement trend scenario to perform subwave 4 either in white or yellow. A valid an "exhaustion gap" pattern would bolster to this scenario. Preferably, I'm looking towards a truncated scenario refering to the alt count in white. Good luck.

At this moment, I'm looking towards a further bearish retracement trend scenario, favourably to perform subwave 4 either in yellow or white. Otherwise, please be careful for any breakout to the bullish continuation critical line 1. Good luck.

At this moment, I believed market either to perform a bearish reversal trend scenario (aqua) or a bearish retracement trend scenario (white). A valid "Head and Shoulder" reversal pattern would bolster to boths scenario. Otherwise, please be careful for any breakout towards the bullish continuation critical line 2. Good luck.

At this moment, I believed market in progress to complete either subwave 4 (yellow/white/magenta) or corrective subwave a (aqua). Please be careful for any possibility towards a bullish continuation trend scenario either to complete subwave 5 or corrective subwave b in aqua. Good luck.

Newbie here, I've studied a bit about cross currencies, but can someone please tell me in a nutshell what is all the rage with GBP/JPY? What are the pros and cons of trading it currently?

Thanks in advance!

There are a lot of pros to the GBP/JPY its a great currency pair, mainly due to its volatility and the range it goes through in any given week. I have been trading the GBP/JPY for over 2 years now. It has definitely been a great time and a great pair.

The reason I like it so much is mainly due to the fact that since it is part of the JPY currency pairs it will move greatly at the beginning of the week and since I am a fan of breakout strategies, I use the 4 hour breakout at the beginning of every first 4H candle of the week on this pair.

On top of this the GBP is a great pair since most of the movement that happens in Forex happens through the European session and the UK session which gives this pair an even bigger boast.

That is mainly why I like this pair, it offers great volatility and also has a lot of news behind it, if you like to trade through new releases. I would recommend to start looking up info on this pair and start reading up on its news events and on what other traders think about, this pair will make you a lot of money if you learn how to use it.

Gus Forex

Speaking of news....
Did any one see this? I just copied some of the high lights. Looks like Jean Claude Trichet is telling some white lies to save face. But that is only my opinion.

Mounting speculation that Greece will default on 304.2 billion euros ($405.2 billion) of debt is depriving European Central Bank President Jean-Claude Trichet of the stable markets needed to bring Europe out of its worst post- war recession.....

the euro has lost 4.1 percent against the dollar and the extra yield demanded by investors to hold Greek debt rather than German bunds increased as high as a record 4.43 percentage points as traders saw a greater risk of default. Trichet, who was supposed to spend his final year in office nurturing the region’s nascent recovery, finds himself powerless to resolve the crisis because he has no control over fiscal policy.....

“Trichet is essentially an observer in the current crisis,” said Colin Ellis, an economist at Daiwa Capital Markets Europe Ltd. in London and a former Bank of England official. “He does not hold the levers of power.”
Greece is highlighting the limits of Trichet’s ability to maintain confidence in the euro, which is facing its biggest challenge since he helped bring it into being in 1999. Trichet, who described himself as ‘Mr. Euro’ in 2006, has no say over how taxpayers’ funds should be used to rescue Greece. His push to limit the International Monetary Fund’s involvement in a rescue was rebuffed by leaders last month.
While Greek bonds rose yesterday when Trichet expressed confidence that Greece won’t default, the spread between Greek and German 10-year yields still ended the day at 426 basis points. A basis point is 0.01 percentage point.
Interest-Rate Questions .....

Trichet, 67, is trying to protect the euro as politicians refuse to fully explain how they would rescue Greece should it fail to raise money in financial markets. While leaders said on March 25 that they would co-finance a bailout with the IMF, they never spelled out when aid would be forthcoming or how much it would cost.
German Chancellor Angela Merkel has also questioned whether her taxpayers should be asked to help fund Greek excess, casting doubt on her commitment to any rescue package. As Greek bonds plunged yesterday, a German government official reiterated that a rescue package would only be a last resort.

So are we really in a bull market now? Or is it only a temporary scalp?

At this moment, I'm looking towards a truncated scenario either in aqua or white. A pullback from R3 critical line and follow by a breakout toward the pivot and S3 critical line would bolster toward the alt count in aqua. Otherwise, a breakout to the aqua critical line would indicate market may in progress to complete subwave 5 either in white (truncated/double top) or yellow/magenta (impulsive). Happy weekends and good luck.

Please be noted that the previous alt count in aqua is already invalid. Favourably, I'm looking forward for a bearish reversal trend scenario refering to the latest alt count in aqua to perform corrective wave c. A breakout to the pivot critical line would bolster to this scenario. Otherwise, we may see another bullish rally either to complete wave 5 in white (double top) or yellow. Good luck.

At this moment, I believed market in progress to perform corrective wave a either in aqua or white. Therefore, please be careful for any bounce or a bullish continuation trend scenario to perform corrective wave b (aqua or white) once corrective wave a is completed. Good luck.

Gbp vs Jpy (1H) - Favourably, I'm looking toward a bearish reversal trend scenario refering to either the alt count in aqua or white. Another breakout to the major lower red trendline woulb bolster to this scenario. Otherwise, please be careful for any breakout towards the bullish continuation critical line 2.

Aud vs Usd (Daily) - Preferably, I'm looking forward for an opportunity towards a bearish reversal scenario refering to the alt count in white or magenta. A valid "double top" reversal pattern would bolster to this scenario.

Usd vs Cad (Daily) - At this moment, I'm looking for an opportunity towards a major bullish reversal trend scenario to perform major corrective wave C either in white or yellow. But, please be careful for any breakout towards the bearish continuation critical line 1. Good lucks.