GBP/JPY

All JPY currency pairs broke out this morning. Had the same reaction as you.

Something is happening in Japan but no idea what it is, no news in the economic calendar...

Im in! Was up 17 for a min there now back down to BE. Still got lots more in the daily ATR so target set very conseratively at 1:2 Risk Reward. Will move stop up to BE at 1:1. Just basic short term stuff. Already cleared 60 on AU NU and 30 on AJ today so far maybe this will be loss lets see

She is getting ripe to explode my take is north

the volcano maybe?

I don't think so. Volcano eruption was on saturday.

We continue in a range.

A really good long entry point right now in my opinion for a 1:6 risk/reward.

If you look at the bottom trend line above, it has respected it and followed it for days, making higher lows.

The top is not so clear, in terms on whether it is coming down, or just beating against resistance. There is more of a straight line for past several days so not really clearly making lower highs.

So, it seems to have formed an ascending triangle within a symmetrical triangle. Both point to a break out UP...

I was overanxious yesterday with my forecast of a 100 pip rise, as it only went up 50-60 pips before pulling back. But it is still following an upward trend, if you look at the channel that has formed over last few days...

Both charts above are H1

I'd recommend buying at the bottom of the channel, and TP if you want at the top.

Very low risk trades, if you watch for pin bars or engulfing bars near the channel edge.

I'd not recommend shorting this pair at all right now though...

So, the 2 views expressed in the last 2 charts, is either buy and hold for the break out, or ride the channel up (buy when you see a signal at the bottom of the channel)...

On H4 we are headed lower to test the 25 EMA and then 55 EMA. I'd say 100-150 pips down.

Could be a marvelous short from right here down with a stop at 177.95

Short ? Flag on 5 minutes chart

I agree with Maxim...

I'm still bullish...

I'd need the price to show me that it is comfortable below 177.50 before I'd be comfortable going short.

Next, I'd need to see how it reacts to 176.72

So far over the past several days, the price has shown it is not happy below those 2 prices, but has rejected them emphatically...

Also, if you look at the H1 chart, note some bullish pin bars that occurred in the support area.

And although I also love trading the H4 chart (also shown below), I don't think it shows any valid trades right now, but just inside bars...

Yeah, its a real damn mess right now, for sure.

Okay, I'm bored waiting for something to happen

Maybe when Asia joins the party, we'll see a strong move...

Until then, here's something else to chew on. If you draw a line at the weekly high/low, and at the 50% level notice how the price has been and is reacting. I'd be looking for long trades/signals around the 50% level.

Also, remember how the price opened up with a gap down, and quickly filled that gap. If the price ever makes it back down there, I'd expect that level of support to hold, as it has held both times it tried to go down there, so I'd look again for long signals if it tests that area again.

Also, if it did test the weekly open/gap one more time, I'd think that would be it, and we'd see this thing really take off towards the last daily high. Either that, or the bottom would fall out. Guess we'll see soon enough...

Good range here.

played the range a bit for decent profit.

out for the time being, getting close the the end of this pattern.

I'd like movement towards 175 (bottom red horizontal), but we shall see!

the suspense. @.@

(edit) also, not show, on my charts the H4 is shaping up to be an IB. of course, still have about another hour to tell, but with how tight the range is getting and considering the pattern, I wouldn't be surprised.

I'm not sure, what you show is a pennant and if the pattern is completed we will go higher and continue the up trend.