Auslanco - GBP/JPY and GBP/USD (newstrade)

come on baby . tank

so...

Previous submission:

http://www.forexfactory.com/showpost...stcount=228466

I may even take a very small short and see how it develops over the year.

Still long biased although last long closed with loss.
Reasons:

1. Break and pull back on GU
D1:


2. Resistance on UJ
D1:


Will act on it, if GU will hold above 1.4935 during Asia....

The more I look at the PA, I am convinced that its being dropped to "buy" at a discount...

Friday morning I believe its going north, just how far we drop until then, is anyones guess.

cheers

short on JPY is not safe imo

same here unless we receive confirmation

Trend is your...foe ?

H4 - breaking and close below 131.98 / 80 could drive us to the next magnetic level @ 130.65
what is your north target?

Dollar should be replaced as international standard, U.N. report says
New York (CNN) -- The dollar is an unreliable international currency and should be replaced by a more stable system, the United Nations Department of Economic and Social Affairs said in a report released Tuesday.
The use of the dollar for international trade came under increasing scrutiny when the U.S. economy fell into recession. "The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency," the report said.
Many countries, in Asia in particular, have been building up massive dollar reserves. As a result, those countries' currencies have become undervalued, decreasing their ability to import goods from abroad.
The World Economic and Social Survey 2010 is supporting a proposal long advocated by the International Monetary Fund to create a standardized international system for liquidity transfer.
Under this proposed system, countries would no longer have to buy up foreign currencies, as China has long done with the U.S. dollar. Rather, they would accumulate the right to claim foreign currencies, or special drawing rights, or SDRs, rather than the currencies themselves.
The special drawing rights would be backed by a basket of currencies, which would make them less susceptible to volatility in any one currency. And because the value of a special drawing right is defined by the IMF, changes in the value of any one currency could be adjusted for.
These initiatives, supported by U.N. Secretary-general Ban Ki-moon, are meant to help sustain the international trade and financial systems that will allow less-developed countries to participate and integrate into the global economy.
In addition to the proposed reforms regarding international currency, the survey also offered guidance on increasing social well-being.
The survey said that "the number of the poor in the world living on less than $1.25 a day decreased from 1.8 billion in 1990 to 1.4 billion in 2005, but nearly all of this reduction was concentrated in China."
The number of poor increased in sub-Saharan Africa and South Asia over the same period. Income inequalities within countries have increased since the early 1980s with few exceptions, the report said.
"There's too little aid being provided, it's too fragmented, and it's too volatile in terms of the resources that are flowing to countries," said Rob Vos, director of the development policy and analysis division of the U.N.
The survey projects that by 2050 the population will be at 9 billion, with 85 percent living in developing countries, and the global economy will have to sustain a system that will allow for "decent living."
By 2050, one of every four people living in a developed country and one in every seven in countries now being developed will be over age 65. The fast ageing of the population will call for proper pension and health care systems that are sustainable

http://www.cnn.com/2010/BUSINESS/06/...ef=igoogle_cnn

Looks like we are going to get PA in asia and not "meh" again, yea!

This 132 is a tough nut to crack. We bounced off here in February for 1300+ pips. 4 hr starting to look overbought.

don't worry

gj is not tanking..

buy buy bye

Some people never learn.

I don't recall 132 being major support at all ... 131.5 is all kinds of support. Regardless, we are in mini-kaboom mode here ... GY is delivering among the best of the yens. CADJPY just smashed through support and might find a slight floor at 82.5. The risk aversion and yen strength being driven is uncanny. Coming up on 10pm EST/11AM Tokyo and Tokyo's lunch - might slow from here. Nikkei is 1.5% down as are other Asian equities - they must be plowing money into the yen as the last safe haven.

Check UJ: I in know way expected 88.2 to be here so quickly - it's one of the last major supports. If/when that gives, it's 100 pips down to the next one - my charts are kind of sparse around there! Pips to all!

Probably time to retrace till next week then again same direction but faster.

I concur on this. While the Asian PA is welcome I find it kinda convenient this happened on the day pending NFP

I'd expect Frankfurt or London to still take it lower and see if buyers show up. My guess is there won't be enough, and the retrace will be minimal. I'm going to try holding out some 134 shorts and more recent ones targeting 130.9/130.5. Regardless, I'm expecting NFP to create further downside, unless, we get caught in an anomaly of low liquidity, given the holidays in the US. I do find it suspect that we're creating this much down movement before what should be a bad NFP - haven't seen this combination of variables yet, but only been trading for a year.

according to weekly chart, next support is @ 130.05. if we go to daily tf, this weekly support can be extended as low as 127.95.