GBP/JPY Technical Analysis: Major Support Broken, is a New Trend Afoot? | Forex Factory

  • GBP/JPY Technical Analysis: Major Support Broken, is a New Trend Afoot?

    From dailyfx.com

    In our last article, we looked at an aggressive reversal setup in GBP/JPY after price action had run down to find support off of a multi-year trend-line. The attractiveness of the setup was in the potential risk-reward in the event of a trend-line inflection off of that trend-line. But that trend-line and the psychological support level were not enough to contain the selling in GBP/JPY, and that stop was promptly consumed by falling prices in GBP/JPY. This does, however, point to the potential for a ‘bigger picture’ trend emerging as we move closer to 2016. Central Banks from the UK and Japan have already pretty ... (full story)

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edyraper
Jan 3, 2016 8:46pm
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Quoting edyraper
Yes i have posted in gj thread one month ago ... As getting signals from xxxjpy pairs all are reversing in weekly/monthly charts ... Buying yen against most of pairs could be profitable ...
Buying yen against most of pairs could be profitable ... ....................................
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edyraper
Jan 1, 2016 12:23pm
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Yes i have posted in gj thread one month ago ... As getting signals from xxxjpy pairs all are reversing in weekly/monthly charts ... Buying yen against most of pairs could be profitable ...
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edyraper
Jan 5, 2016 8:14am
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Quoting edyraper
Buying yen against most of pairs could be profitable ... ....................................
it is what it is .....
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Hurst
Dec 31, 2015 8:42am
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This is the reason a lot of traders lose, following analysis like this is crazy, the fool talking has not a clue what moves the markets nor why you should trade. He works for FXCM, they make money when you trade lose or win.

The correct trade was to sell the gbpjpy at 195.406 as this is a monthly analysis, I fully expect the move to be a muli- month move to the dowside, currently you can see the gbpjpy is in a down trend on a weekly an monthly chart, the money now is made in establishing if this is just a 1-2-3 correction or the start of a new trend to the downside.
As the top was in 2007, I would consider this to be the start of a larger move to the downside. My advice for what it is worth is look for a weekly correction and establish a short position you can ride for weeks.
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