Dragon Riders GBP/JPY

This on the day chart

Bigger picture

Daily RSI is now above 82. This is nose bleed level. The highest I ever remember this pair going was 84 and that was a few years ago. There should be a pull back soon. If not a pullback, at least a period of sideways moving before it starts north again. A sustained break above 148.50 is certainly possible, but I believe the probability favors a pullback or sustained pause first. This is just my opinion based upon my years of trading. As we all know anything COULD happen.

The fellas at the funds and the banks ain't gonna shove this up to these levels and walk away. I'm holding on, maybe foolishly, but this is a pet trade of summer. Until the market shows its hand and says we're done, I think this beast is going to 160, possibly higher. We'll see.

I'm waiting to get back long! But shorts fine if that's your short term thing.

Yen soaring against all pairs, started at 20.30 GMT, but I can't see any news - any ideas

Trying to answer my own question here: was the spike in JPY due to news of North Korea further nuclear test? Is JPY still seen as a safe haven?

For me this is a very useful info.
Thanks for sharing your view.

Short triggered. Sl above today's high. Tp = let it ride.

its looking like a good short opportunity

Tricky, idk

Robbie's chart.....

Strong up till 160 level

So, on the month chart one can see plain as day.....the USDJPY had to square up down at the unsquared 108 seen plain as can be, I swear.....

it it took us on a direct drop with a bump in the middle while the operators got the us yen down....way down

targets.....by harmonic Elliott wave analysis, us yen all the way up....first124 or 126.....drop a little then definite 132.44 or 133.77



editt....point and figure has a target of 149 or 153....... GBPJPY gonna fly off huh! With that USDJPY at 153

looks like a good short opportunity but this week, the BOE data is out so GBP might firm up after but i'm not certain

Short 147.353 Target 146.989

Looky there...it's Roberts chart

Tomorrow's slew of GBP data should be very interesting. If outlook report is bad, it will bring down GBP and give this pair the opportunity to take a much needed breather to the downside. If report is favorable it should break g/j above this 148ish resistance and on to higher highs. However, the stochs and rsi readings are topped out and have little room to the upside. I believe the next couple of days will be very telling. If we head back down, this will confirm my thinking on a summer range between 150-135. In this scenario, range trading techniques should work well. However, a sustained break above could well send us to the low 160's in fairly short order. As for me, a weekly close below 147 and I will open a small short. Weekly close above 148.50, a small long. In between, no trade, yet.

My opinion they will drop soon

what a lovely short opportunity

Well, that was a pretty bleak inflation report. In short, inflation is not at the 2% target and probably will not be for some time. This will give a moment of pause for the big run up over the last 3 weeks. I see a move down to the 145.50-144.75 area. If it does not break this area easily, then look for a run back at the topside towards 148.50. I would expect a fail there and then a stronger, longer move back south. Of course, this is just a prediction. No one knows what will happen. Trade accordingly.

How do apply BB and rsi at once, and what does it tell you?