Dragon Riders GBP/JPY

One other thing, boys. What the market does at 145 will tell us a lot. If we stall out and start going sideways, as it appears we are are doing right now, beware of going long--don't be someone else's liquidity. We want to see the most recent high get easily knocked out.

I'm on the sidelines until later this week. We're gonna run sideways, probably wise to stay out of the market until Japan opens for business later this week. Wild things can happen during bank holidays, but I think the MO for the week will be maintenance trading. Possible long opportunities down below 143.85, if price is pushed down below that level we should see pin bars as a result. I have a feeling we won't see a lot of upward movements--I'd be willing to bet that prices > 144.5 are ripe with all the wrong kind of liquidity--the kind where you net out current profitable open interest. Patience...

Wow it really looks sideways on Scotty B's chart... I'm looking at the daily really don't see the sideways movement. As long as it's moving I'm happy.

Darn right, man, she chooched a little today. I figured 145 might stall her out, I still think we're going to 150. Being that this has been a one-way market, I don't know if we'll get a good bounce off of 145 or not. For me it's been a scale-in situation because we've basically been forced to buy at perpetually new highs. Always good to be careful, especially with all the political garbage hanging in the air.

All the yen pairs look to have a similar structure. Long term (Weekly chart) we are in a JPY uptrend, in a corrective move. I think we are going to get a stronger Yen at the end of 2017.

Mid-term Yen should weaken and finish the C wave of the ABC corrective move on all pairs. I expect this move to start somewhere around the end of this month.

Short-Term (next couple weeks) i see JPY gaining couple hundred pips and start the mid-term leg.

1-3 weeks - JPY up
3 weeks - 3 months - JPY down
3 months - 12 months - JPY up

We're butting up against the 76.4% fib level at the moment, which is always a potential very strong fib level to break. If it does break above this, then we could be heading for 15,000 - technically on the weekly chart there is nothing above this to stop it getting there, though I do have resistance just above the 76.4% at around 14,566, which is also today's R2 pivot level. The dips on this pair going back to the 18th April are being fairly aggressively bought, so there is plenty of momentum on the long side to take it through the 76.4% all the way to 15,000, and perhaps even beyond, though that is still some way off.

I'm interested in your strategy for upcoming election.
Here is mine: So i don't expect so much movement for rest of this week. I assume that Macron will win and it will finally break the 145 for a peak until 147 - 148 area, but as this result is expected from market, we will right afterwards see a reverseal to 140.
What do you think?

Still pushing shit up hill into this hi res area. Maybe a reaction to the imminent news out of London

Buying the dips on this baby is the name of the game atm. Resistance for today I have on R1 @ 544, and above that R2 is possible today at 582, and that's my high for the day.

76.4% broken...R2 @ 14,582 here we come, and maybe 146?

Divergence on this pair at 1hr and 4hr is about as pronounced as you are going to see (looking at RSI). Would expect a pull back of 150-250 pips (at least) in the coming days. Good trades to all!!!

I am looking for 147 soon, no reasons yet to sell this shit.

BUY 145.468 Target 145.820

My buddy sends us this

Oh Cat.....that level is where all the drops happen......you know about that huh!!...

uote=cat;9825304]We're butting up against the 76.4% fib level at the moment, which is always a potential very strong fib level to break. If it does break above this, then we could be heading for 15,000 - technically on the weekly chart there is nothing above this to stop it getting there, though I do have resistance just above the 76.4% at around 14,566, which is also today's R2 pivot level. The dips on this pair going back to the 18th April are being fairly aggressively bought, so there is plenty of momentum on the long side to take it through the 76.4% all the way to 15,000, and perhaps even beyond, though that is still some way off. {image}[/quote]

Fwiw, the resistance area starts at 145.15 through 145.35. Breaks over must be sustainable at least daily or weekly open/close/open

Well I hope it keeps pushing up for now... from this point 145.75 daily fib says 146.50... That would give me some nice green pips to end out the week., but the move up seems to be running out of gas, make your plans for the turn around.

My buddy....

Dude, glad to see you're still posting around here. I see 150 coming for sure, and quite likely 160 as we get into summer. What are you targeting?

I don't post much anymore, but good to see you too. It is hard for me to see any big breakouts this summer. Brexit is a huge uncertainty and I am doubtful about big moves until that political drama plays out. I see a Summer range between 150 and 135... but it does like seem we will see the topside first. I am out right now but would enter long on a decent pull back of 150-200 pips. Maybe that means I will miss some upside (as pullbacks are few), but that is ok. I just don't think there is a lot of topside left in this move. Caveat: Big scare from North Korea or Iran (or whoever) would send the usd soaring against the yen, which would rocket this pair up.
Of course, I am frequently wrong. Good trades!