Geppy's Geppy Thread (GBP/JPY)

I disagree...down down down

Safe place for short here.

157.66 resistance seems to hold.

Maybe. Except you and others have been saying this for the last three days... Even a broken clock is right twice a day.

Just tread with caution. That's what I'm doing. I think one can make a case for it going either way right now (short-term, down; long-term, up).

Added shorts 157.60

holdng long curently +60 pips and sl at be

It's make it or break it for the jpy pairs.....the wave structure dictates that the PA has to go higher soon( consolidation has to end).....if the price bars go below todays low by 28 pips or more.....it's a big down move.....but historically.....let the thursday legacy have it's way.....all gbp/xxx pairs up. Most analysts claim a triangle, but not so....the wave structure doesn't match a valid count. triangles don't start with five waves....

this is going higher....this may be only the start of leg C on the monthly i think i stated leg D but it actually may be a leg C and a definately PEAK C on the daily so we will definately get above 158.557 even if its by .001 to form leg D and then a peak D BUT if the monthly is only a LEG C THEN this puppy is going at least abit higher...

I hope it goes down too, but I don't have a good analysis at the moment. People going shorts, do you have any chart analysis? Would be interested to see.... For the moment, it does look like resistance at 157.60~70 is holding. Kinda looking like an elliott correction zigzag, with 3 small zigzag points so far and now we are on the bigger zigzag pattern.. So perhaps zigzag downward in small and bigger picture.. But I'm staying away... just watching because there may be a great opportunity if either direction is confirmed....

If it breaks over 157.6 and particularly 157.75, it's heading back to the former top and probably 160 - before correcting down.


If it fails to hold up here and drops, it's one of two things.

1. A retracement back to about 154/155 in what could well be the handle of a cup/handle formation - then up a long way (similar in distance to the overall cup depth of about 1000 pips.

2. The start of a another corrective move down to who knows where - with the break out over about 157.7/8 being false.


I can't be bothered making it look pretty - read about it in the link below.



http://stockcharts.com/help/doku.php...th_handle_cont

For another perspective, today's upmove come courtesy of UJ, where it tried to break back into its previously broken rising wedge. The bottom of that wedge sits at about 99.6. So far it looks like rejecting again, but depending on how it reacts now, I assume GJ will follow

Should have added 3 times more

its hard not too be bullish on this pair...look at the NZDJPY which i love longer term....very bullish setup as well as the AUDJPY....its either that or this is the biggest bulltrap in the history of forex....we will see probably this coming wed..

wooo baby, make it rain!!! i wanna see new highs!



i hope you covered your shorts KillerWhale, lol. adding probably wouldn't have been the best idea...

just trying to find the tipping point im short too and finding reasons why I shouldn't be. I hate being biased once im in a trade. RSI still over 50. I think black line or 157.65 is tipping point.

remember we are still in the uptrend are we not? we retraced to the 61.8 broke under than back up to the 78. which where it is currently.

65 must hold for it to go down further.

if we crack 55 down no more support till 30...

epic battle of pa in this rectangle. its amazing...

ugly market conditions im out 7 pips. obvious support at 157.5x.