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

"BOC has been on target with its monetary policy and the series of rate hikes since June has been done in such a way that avoided parity level on the USDCAD pair. This may be another opportunity to BOC to hike interest rate and at the same time warn the market over future uncertainty, which will make CAD less strong, thus keeping the volatility to a minimum.

On the other hand, we are also seeing the economic growth in the 2nd quarter slowing, along with negative job data. With US economic outlook lagging, BOC may pause for the time being...

Since both outcomes have merits, market will move after the rate decision, and the idea is to get in and hold on to the trade as USDCAD usually doesn't retrace much"

as a conclusion watch ur UCAD H4 & Daily (syampoo formation?)...

good luck

Skynews has been literally yammering away all day today with that BOC fully priced in 25bps hike

2nd wave level
- - -
be careful

Short entered 129.35.
Daily 5sma around 129.60 .

4H sto up

I still do not see how to got to that call but that one heck of a call. You braveheart man! Beautiful call!

There's so little BoJ can do. The daily fx market is confirmed at 4 trillion. The US is no longer seeing the love it used to years ago. For BoJ to move the market in any significant way makes hundreds of billions as only the starting point, and the last thing Japan needs is more foreign reserves, in a currency that they will eventually need to dump. And, collectively, there are so many players that can work against them , that it would make the CHF intervention look like loose change losses. This does a fine job in summarizing.

More on Potential Intervention in Japan- September 02, 2010 | about: FXY / JYN By Marc Chandler

Many had expected the BOJ to have intervened already and its absence raises the question of why haven't they. The simplest explanation is they don't think it would be effective. This is the meaning of the official comments that say that the real issue is dollar weakness not yen strength. But some do not find the straight forward explanation very satisfying.
A news wire now cited three "unnamed sources" suggesting that US opposition to intervention is preventing unilateral BOJ intervention. Really ? This seems to exaggerated the US influence over Japan. The US did not seem to look at the massive BOJ intervention in late 2003 and early 2004 favorably, yet it took place. That is to say if the political will was stronger, US distaste/objections to intervention would be overcome. The yen's rise is not simply against the dollar, as the performance of euro-yen clearly illustrates. The yen has appreciated by about 10.5% against the dollar this year and about 21% against euro. Since the end of Q1, the yen has appreciated by around 14% on a trade-weighted basis and 40% in the past two years.

Ozawa, who is challenging Kan in the DPJ leadership contest toward the middle of the month has been arguing in favor of intervention. But when he was cabinet secretary (until recently) he reportedly was not pressing this. In any event, polls show Kan clearly ahead.

Japanese officials may be hoping to get some verbal support from the G7/G20 around the meetings in a few weeks. It would not be unprecedented as the G7 did so during the heart of the financial crisis. The odds of this seem greater than the odds of coordinated intervention.

In terms of market conditions, the dollar-yen implied volatility has moved higher this week and is poised to close above its 100-day moving average today for the first time since mid-July. Euro-yen vol is well below its 100-day moving average. In terms of the unilateral direction of the market, as reflected in the relative pricing of puts and calls equidistant from the money, the market is near its recent extremes, which is still below the extremes seen in the March-April period. The net long yen position at the IMM is at the upper end of where it has been over the past several years.

And don't forget the reaction to positive Halifax HPI. Nice trade - hopefully you banked partially at least, at that rejection just below 1.55. Looks like it might need to revisit 1.54/1.538 and confirm direction.

4hr and below TF 's bullish.

Daily and above TF 's bearish.

Wanted to share my thoughts here from an earlier post.
http://www.forexfactory.com/showthre...05#post4007205


Looking for test of prior support before the last drop at 129.68. Here's EST and GMT daily chart.

This test may well confirm direction. If we break above GY could reverse trend here. If it's firmly rejected, then back to the bottom we go.

Good luck with your trades

Closed short . 129.65. -30 pips.

Long at 129.45 SL 128.90
I maybe wrong also.Lets see.

a diagonal triangle - may be.

1H & 4H on strong bull but dont buy at high..maybe just reversal major..who know maybe im wrong

yaa i agree with u brothr..

gj

Thank you, bro. But the only thing there is - GY don`t agree with me.

Last attempt and I go to sleep.
GL 2 all.

Stop at breakeven.First target UTL.

yaa-gj always don't stay in one place