Gbp/jpy will it go down ?

Hi !

I'm new to these forums.

Boj just raised interest rates but the jpy is still weak because of geopolitical tensions. Oil and commodity currencies are soaring, Usd/jpy going up and Gpb/jpy has reached a 8 years high ! I sold it yesterday thinking it would retrace but apparently it still going up.
i'm confused wether to get out of the trade or not. I put my stop loss at 214.10 and it's currently at 213.45.

when do you think it will retrace?

Thanks

Hey Scale,

Sounds to me like you are gambling. Anyhow, Itsme think it will go down. Read here: http://www.forexfactory.com/forexfor...4008#post74008

Lol, Yardie Thanks for the link , I feel a little better now .

Hi Scale,
Im new to these forums as well. Have been trading the forex market for over 4 years now on a good mix of technicals and fundamentals.

As i see it, on a 60min, 1hr, 4hr, 1 day and 1 month chart, nothing should bring the GBP/JPY down. All trends point GBP long.

The only thing which could work to bring it down would be to see what the new BOE members have to say, i.e. what is their outlook which i think is not until Wednesday.

I feel it should see 212.50 or so on monday/tuesday after which another rally to 214+
This is my 2 cents.

Regards,
Girish

Hi gmohata,

I was thinking more of a trend reversal since major resistence hasn't been broken yet. Anyway thanks, i've been trading fx for a year now and i'm not that experienced. I might get out of this trade i don't know yet.

it should drop 117 pips then bounce up for 27, back down for 38 then up for 58 after which they will join the euro, scrapping the pound, reducing it to 0.