Geppy's Geppy Thread (GBP/JPY)

this baby is struggling to break the shackles!

Hey dudes

So we're still in this horrible range at the moment.

On the 15M you can see that we are closing in so if this doesn't break out within the next 2 days from here, then there will atleast be a clearer picture of which way it MAY go.

Closed all my open longs at the lower TL of a previous channel I have on my charts this morning and have just reloaded on a pullback. Need to break and close above the upper yellow TL you can see. And of course the 50 FIB taking it into the 152s.

The way the last 1HR closed and zooming in on the 1HR chart, the last 3 attempts to break higher failed lower than the previous attempt and now that it has once again broken out of the internal channel of this range, i've lost faith in my longs, have closed them all out and started to build on my shorts.

I am usually very patient with my trades and hold them for as long as necessary however I don't see the bull winning this round the way PA is taking it.

Have been using the 5M and 15M charts throughout last week to take trades and TP and now have returned to the 1HR looking at the overall picture. Got SL's in place but right now we are testing the 200MA support. If we break that and break last week Friday's low, we have more support in place but TP is to test the 148-148.5 region again.

Very quick to change my perspective this morning on direction however PA is PA and decisions need to be made

Break 152.4 and I will buy again but gonna hold back on my bull power until then. It's too unsettled to be buying in bulk at the moment IMO

Still holding longs , will switch if trend is broken

GL dude

One of us has to be right

My 150.3 Support has held well on that drop looking at the 5M. Need to crack this support and the FS at 150.1 before I trust the bears to add more!

GL for both of us

I will add more longs if this candle closed above my TL

Added a risky long here

I have a longer term Bullish outlook, stretching 2-3 weeks. You say your long is risky, but what's the timeframe you're reasoning from?

Long term is bullish still. Making money through these consolidations is risky when you are buying or selling right in the middle of it I think.

I am using 1H right now , as long as it is still above the TL i drew , then i see my TP which is Friday's high 151.85
Risky because it may break the trend line

Just exploded as we speak ! 150.90

Wooo! Took out my shorts and added a long just in time for that spike

Well I managed to make 8pips on those shorts nonetheless

Gonna turn the charts off now, dislike scalps but when in front of charts it so easy to trade them!

Let's test the Lower TL of previous channel again now

200 has held very well this run.

Dep gov on reuters

1. BOJ ready to act with eye on downside

More to follow but USDJPY higher at 98.25

Hope you managed to add more longs on that run down

in other words... drink some more punch!

Currently in a channel on the weekly. I think it can test the bottom around 148.4. It's being dragged down by the crazy declines in pound even with the decline in yen.

The 50 EMA looks like it may come up above the 200, but thinking if the 200 drops, then there will be better opportunities lower.

Ya bro

151.90 My target now

I am sorry if this post is off topic but could someone explain more

More to follow but USDJPY higher at 98.25

economy and prices can temporarily undershoot or overshoot so need to look at long term path
if BOJ were to increase asset purchases they would prefer to buy JGBs rather than riskier assets
stock falls and yen rise are temporary and have been driven by external rather than domestic factors
BOJ ready to offer huge amounts of liquidity to markets in the event of a sudden shock

That last one won’t please the BIS

What's BIS ?

theDHT view: mind the trap

if this pair succeeds in breaching and then holding (after test) the downward TL and major fib levels of the entire down swing, then we are on alert for potential change in trend to bullish. otherwise, we look for T1 as the current swing target, followed by a 127 extension or 100% FE of the recent swing. [edit] if we get to T1, we would be looking for a decent bounce, we may consider taking a swing/short term long at this level
In my view, there may be some upside, because the fibo levels are not aligned at this moment... but any upside should be contained within the bull trap zone

chart is for further clarification

BIS Bank of international Settlements

Looks like we may get some acceleration soon. Am expecting top out around Monthly pivot area 153.5 before fallback again to about where we've just come from (150). ASSUMING we get acceleration!!!