GBP/JPY

I think GBP/JPY will rebound to 171.80 level.... then see where to go...

Looking for sell @ 171.380

Seller become aggresive, I think we will have a breakdown

you sure you placed a SELL @ 171.38?

yesterday I was expecting GBP/JPY to hit 171.80 level,
did you long at low level?

Whoaaaa tis chic running wild up & down like no business....im standing aside for now

It's an impulse wave c coming off a triangular pattern or a complex wave b since 3July2014 high. Now breaking under channel line which becomes resistance. It looks the most trending amongst the JPY pairs with plenty of downside movement. Won't see present prices again for quite some time.

Just quick update on GBPJPY for next week,

GBPJPY after 6 weeks of losing ground from its 175.00 took, last week failed to push through 173.00 and week ended below 171.00. Technical speaking, it's coming down towards its main support at 169.50. It would be interesting to see what happen to this level after next week GBP rate decision.



For other trade ideas next week, feel free to check out my latest thoughts on EURAUD and EURUSD.
http://www.forexfactory.com/showthre...77#post7679277
On USDJPY, GBPNZD, GBPUSD and GBPAUD.
http://www.forexfactory.com/showthre...91#post7679291

Posted elsewhere, but there are a lot of experts on this board so thought it was worth putting up here too.

I know there are a few on here who trade using EWT, so was hoping for some input on the following chart.
I have poured over the GBP/JPY chart this morning and this is my findings.
Firstly, the yellow trendlines are what I call my predominant trednlines. Blue ones are intermedate trendlines within bigger moves etc.
Looking at the following chart, I believe the GBP/JPY is in a descending range. We bounced off major ssupport trendlines in Jan 2012, from here I believe we are heading to the upper descending trendline.

Attached Image (click to enlarge)
http://www.forexfactory.com/attachme...1&d=1408358330


link:

http://dl.dropboxusercontent.com/u/6..._-_18-8-14.png

Closer view:

Attached Image (click to enlarge)
http://www.forexfactory.com/attachme...1&d=1408358346


http://dl.dropboxusercontent.com/u/6..._-_18-8-14.png

GBPJPY_-_Elliot_Wave_closer_-_18-8-14.png


I believe we could have completed a wave 1 on the way back up (??). I have put the intermediate waves in to show my thinking. From here I believe a triangle is forming, and if correct, a break on the downside for a wave 2 correction will be in play. I have forget what fib extension you should really be targetting for a wave 2 correction, but I have placed it between the 50 & 61.8% extensions from the swing high to swing low as shown on the chart. From there I have projected a wave 3 @ the 161.8% fib extension of Wave 1 (I have noted there is no real confluence at this part, s this is just an assumption - the previous high to low 61.8% fib (light green)@ [price] 19940/20000 is also a possibility). From there I have a wave 4 which does not breach the original wave 1 and from there a wave 5. The Wave 5 has several areas of confluence with the MAJOR low to high fib retracement of 23.6% along with the recent high to low retracement of 78.6% and perhaps more importantly the major descending trendline.
Of course I understand that the chances of this playing out as above is low, but I just would like to know that (1) my basic understanding of the theory is ok and (2) does anyone have a similar outlook?

Hi guys,

In my opinion we are actually distributing.

I think we'll go down soon.

I'm short at 172.198, target at 169.745.

We broke the descending triangle.

We had a huge accumulation at 171.620, it seems like the beginning of an up trend...

looks like GBP/JPY rejects 172.600

I'm short from 172.55x...

let's see how this plays

I'm shorting all x/JPY right now,
along with GBP and EUR..

The ouverbought trend line has been broken and now seems to be support....

It can be the end of the downtrend... Volumes push prices up now...

I see another descending triangle.

We have a buying opportunity with this candle.

Interesting multi-time frame analysis :
- H1 : bounce on the cloud ;
- H4 : bounce on the kijun line ;
- D1 : we are near the cloud, a strong resistance ;
- All timeframes : bounce on the overbought downtrend line/oversold uptrend line.

hi maxime

why my chart is diferent?

in your graph the Price not lowest to 10.23 (25 august).... why???

thanks

Hi Porfirio,

10.23 is not possible... There 's maybe a problem with your data provider. Please contact your broker, deltastock, and let me know. Can you imagine in one week a flash crash 172 to 10 ? I know that prices can change quickly, but not that much !

Nevetheless, prices can be a little bit different, depending on the broker. I use Currenex' prices and my broker is LCG FX.

At least, I don't use weekly chart, change the time frame to daily, H4 or H1...

We are now in a range with lower highs and lower low.

It seems that prices won't break the cloud on daily chart and maybe will go back down.

http://www.forexfactory.com/showthre...05#post7696905

Low on August 25. was 172.3 on Axi broker. You need to contact your broker as they messed up the data feed.