gbp/jpy analysis

[fibo777]

A thread about my favourite pair. Three days low was finally taken after CPI data. Went in with two sell orders at 133.80. One closed at an even number 133.10 and another at another even number 132.10. Fridays usually provide us with some nice moves, connected with fundamental news releases. We will see what happens on monday. I do not like this ugly range that gbp/jpy has recently been, but we still have some nice opportunities. Good luck everyone.

[Enivid]

I usually follow GBP/JPY on D1 timeframe and it's still inside the range there. Hope to see some action when it finally breaks out. Judging from the current state of affairs I expect it to go bearish.

[fibo777]

gbp/jpy established two points of resistance at around 132.80 level during friday's american session and confirmed it during early european session. When the price passed the level later I went long. Exited with minor profit at 133.17 when price failed to reached higher high and went below lower low.

[fibo777]

I am looking at 132.67 level to see how the price behaves at the level. It touched the level once. I am looking for the level to be visited again. If it goes there and jumps off the level, I would place a sell stop below it. (Breakout trade) If it forms 123 pattern there, I would go long above the nearest highest high that will be established.(Reversal trade)

[fibo777]

Originally Posted by fibo777

I am looking at 132.67 level to see how the price behaves at the level. It touched the level once. I am looking for the level to be visited again. If it goes there and jumps off the level, I would place a sell stop below it. (Breakout trade) If it forms 123 pattern there, I would go long above the nearest highest high that will be established.(Reversal trade)

The pair went past that level, then bounced off 132.48, retraced to 132.68 (support became resistance). Went short below 132.48, stop at 132.75. Exited at an even number 132.00
Just some thoughts in retrospective...

[Enivid]

The funny thing is that it's till trading inside the range. A long position can now be recommended as it's currently bouncing off the lower limit and will probably reach the upper limit of the range.

[fibo777]

Originally Posted by Enivid

The funny thing is that it's till trading inside the range. A long position can now be recommended as it's currently bouncing off the lower limit and will probably reach the upper limit of the range.

The only opportunity that I saw today in gbp/jpy was in early european session when the pair hit 132.86, formed 123 and go long above that high on 15 minute chart. 40 pips of meat. Although looking at 8 hour and daily chart the picture is very bearish. I smell a breakout down sooner rather than later. Yes, I agree, it has been in a range for two months.

[Enivid]

It looks like the pair is trying to breakout, but I am afraid a correction will follow.

[Enivid]

Yea, bounced off.

[fibo777]

After news from Great Britain gbp/jpy went nicely from 133.50 till 133.90 where I closed my first position which was opened when news hit the market and then moved my second position by placing my stop below higher lows, till my stop was hit at 134.25 Nice ride. Monday might see a reversal. Not going to trade Sunday opening. Lots of crazy things happen then.