Daily GBP/JPY analysis

Look like the GBP/JPY "may" going Bullish we will see what happen


http://preview.shareapic.net/preview7/023673150.gif

Favourably, I believed market in progress to complete corrective wave a refering to the alt count in yellow. Otherwise, please be careful since market have potential to perform a bearish trend either to complete corrective wave b in white (bear trap) or wave iii in magenta. Good luck.

At this moment, a strong breakout or bounce from the white/yellow critical line is still yet remain to be seen to determine which alt count thats in favour. Preferably, I'm looking towards a potential "bear trap" scenario either in white or yellow. Otherwise, we may see another strong bearish rally towards the previous low of 118. Happy weekends and good luck.

At this moment, I'm looking forward for a potential "bear trap" scenario to perform a bullish reversal trend to complete corrective wave C either in white or yellow. A breakout towards the upper yellow trendline and pivot critical line would bolster to this scenario. Otherwise, please be careful for any breakout towards the S3 critical line. Good luck.

At this moment, I believed market just completed the "bear trap" structures in the typical "diagonal triangle" reversal pattern in yellow. Market have to perform a breakout towards the upper yellow trendline to bolster this scenario in order to perform corrective wave a either in white or yellow. Otherwise, this scenario would critically invalid if market still continue to break the S3 critical line. Good luck.

Jeb, I've been eying the mid 128s since Friday. So that lines up with your yellow a and downtrend line.

We'll see what happens tonight/tomorrow.

There it is!

At this moment, I believed market in progress either to complete subwave 3 in aqua or corrective wave a (white or yellow) before expecting towards a bearish retracement trend either to perform subwave 4 in aqua or corrective wave b (white or yellow). Good luck.

JebatFX,
I gotta tell you, your analysis when calling a bear or bull trap has been nothing short of phenomenal! Since I have been following your posts in this forum, you have been spot on every time you call a bear or bull trap. Thank you for this, especially yesterday...great day, great call!

Jebatfx,
One of the currency pairs that I follow is AUD/CAD. I noticed previously that you posted some charts with analysis. Can you give any insight to the sudden turn around with that pair?

That was a good call on the bear trap, it was caused by better then expected GBP GDP.

is due for a dump...it hit parity just for bragging....now it's down till february or so as the usd does it's tricks

maybe it will go down but this is a bulish pattern.
maybe 129.92 / 130 first

looks like bulltrap.

Preferably, I believed market in progress to complete either subwave 4 in yellow or corrective wave b in white before expecting towards another bullish continuation trend scenario. Otherwise, please be careful if market further break the white critical line. Good luck.

p/s AudCad Insight - I believed market in progress to perform subcorrective wave a right now. Expecting market will perform subcorrective wave b before further going down. A valid "diagonal triangle" and a "head and shoulder" reversal pattern would bolster to this scenario. Careful of possible "double top" of subcorrective wave b (bull trap). Happy trading.

Fibo levels for down move from 135.062 to 126.475

128.45 is the level to be watched for critical support. Major resistance lies at 129.75

At this moment, market just pullback from the upper green trendline. A further breakout towards the lower red trendline would seem bolster to the alt count in white scneario. Otherwise, we may see a bullish continuation trend scenario perhaps to complete subwave 5 in a refering to the alt count in yellow. Happy weekends and good luck.

At this moment, market already performed a strong breakout towards the bullish critical line line. This would bolster towards the potential bullish reversal trend scenario. But please be aware and careful that market may perform an initial of bearish retracement trend scenario 1st either to perform corretice wave b in yellow or magenta (double bottom). Otherwise, we may see a potential bullish continuation trend scenario refering to the impulsive subwave in white. Good luck.

At this moment, a further bullish continuation trend scenario would bolster towards the alt count in white. Otherwise, we may see another bearish retracement trend scenario either to perform corrective wave b in yellow or magenta. A breakout towards the lower red trendline would favour to this scenario. Good luck.

Looks range-bound until US news tomorrow.