Daily GBP/JPY analysis

Favourably, I'm looking toward a potential of bearish reversal trend scenario in yellow. A valid "Head and Shoulder" pattern and a pullback from the Fib Ret 61.8% would bolster to this scenario. Otherwise, I believe we may see another bullish rally either refering to the alt counts in aqua or white. Good luck.

As it approaches the 76 retracement level, GJ seems to be forming an expanding triangle. I would suspect end of subwave a of B.

started recovery mode, need to gain back 200 pips

will add shorts at 132, no matter how far it climbs, i am sure we see 130 again next week...

I'm with you on that. Assuming it doesn't continue past 132, then a 50% retrace would take it back to 129.5.

It's sure been an impressive rise this week ... 132.0 would mean 490 pips for the week .. all without retrace.

yeah if i just knew before, i just got 150 pips of the rise then i started shorting lol..to be honest elliot wave didn't help me here..i still don't know what kind of wave this is - if it's a wave c can't remember seen such a long wave c

Well, this is how I see it. Wave A completed at 127.2 and we are now in B, which should have 3 waves.

This is pretty much the only pair I trade so I am glad to join this thread.

The way I see it...

15M ^, 30M ^, 1H ^, 3H ^, 4H ^,8H ^, D ^

I always trade in the direction of the trend.

Hi all

I believe GBP/JPY still in the BULLISH mood but now in bearish reversal. Perhaps this link could help. We may see all related to pound still BULLISH

http://www.barchart.com/forex/ALL

Noob question here..how to determine a trend? From my reading its best done on higher time frame, H4, D1 and above. Zoom out to see the big picture. Whats confusing me here is how far do we have to zoom out? few months back? few weeks? or few days? From my view on GBP/JPY if we zoom out way back it seems that the trend is bearish but when you zoom in some might say its bullish.

did anyone went long? i was worried because it seems like its going down, suddenly it shoots back up. i guess its still in bearish mode. made some good pips.

Took a trade SHORT based on the daily candle being a hanging man which indicates a bearish move ahead. I took this trade before BOJ announcement for 40 PIPS. Have stayed out since. Feeling neutral and unbiased at the moment.

this thingy is untradable in the moment

gbpjpy finally could break the consolidation zone to fulfill the expected correction down, now fighting at the 61.8% fib level for support

as i expect more cable weakness to come in the next days and as also yen shows not much signs of weakness i think it is more likely that we see the next support level at 128.1 soon

to stop the downtrend we would need a sharp rally in USDJPY which is not impossible as BOJ is getting nervous and may step in

It would appear that GJ may have completed its 3 wave b of B wave and is now moving up in a five subwave formation for its c of B wave, probably heading back to the 133.5 top area. Presently in subwave 1??

Subwaves i and ii would appear to have completed. Now rising for iii.???

Daily

then up

Nice trade

bonds are about to top, so yen weakness should come back soon but cable still unclear...

second attack on the demand level..if it breaks next stop still the 128 area, otherwise back to 130.7 http://www.smileygarden.de/smilie/Verkleidung/83.gif

http://img.picshare.at/1336148101_Sc....-04-18.08.gif

bring it