Gbp/jpy

[PipChick]

Anyone want to analyse the GBP/JPY?

[PipChick]

What will this week bring for the G/J? Here are a few technical ideas...

[PipChick]

Here is what I see on the 4 hr chart

[PipChick]

Here is the 1 hr chart

[shakesfx]

I have been following babypips with interest for some time but this is my first post. Well done babypips for such an informative website .

Hi Pipschick - I'm holding a large long from the 200 area. I may be wrong, but I think that we'll see a huge breakout North with no looking back over the next 24hrs due to results from the G7 meeting. From their (G7) statements I believe Central Banks are going to intervene in the currency market tonight with the sole intention of starting a strong Dollar rally.

I've looked at the head and sholders formation, but the close of Friday was showing a bear triangle which should have, but didn't materialise in a further drop South before close on the last 4hr candle.

I think USD/JPY will retest and break +102ish again, bringing GBP/JPY with it rapidly. It would be nice to see +205 by close Tuesday

I am sure all technicals will go out the window this week as the Central Banks play with the market - (BUT of course I could be wrong! )

I will try and post a chart later.

[PipChick]

Originally Posted by shakesfx

I have been following babypips with interest for some time but this is my first post. Well done babypips for such an informative website .

Hi Pipschick - I'm holding a large long from the 200 area. I may be wrong, but I think that we'll see a huge breakout North with no looking back over the next 24hrs due to results from the G7 meeting. From their (G7) statements I believe Central Banks are going to intervene in the currency market tonight with the sole intention of starting a strong Dollar rally.

I've looked at the head and sholders formation, but the close of Friday was showing a bear triangle which should have, but didn't materialise in a further drop South before close on the last 4hr candle.

I think USD/JPY will retest and break +102ish again, bringing GBP/JPY with it rapidly. It would be nice to see +205 by close Tuesday

I am sure all technicals will go out the window this week as the Central Banks play with the market - (BUT of course I could be wrong! )

I will try and post a chart later.

I agree, anything can definately happen with all of the fundamentals. Technically the charts say down but we all know the fundi's rule!!!!
So we need to find a long entry also just in case the fundi's take this north.

[PipChick]

Technically it obvious where we could sell the g/j but as shakesfx mentioned, a lot depends on the G7 meeting. Im thinking a violation of the 1 hr right shoulder may be a good buy area.

[shakesfx]

Ok, after trying to figure out how to post some charts here's what I see.

All the timeframes on this pair seem to be lining up and Weekly and Monthly charts are screaming North too? Maybe I'm just seeing things? What do you think?

[PipChick]

Originally Posted by shakesfx

Ok, after trying to figure out how to post some charts here's what I see.

All the timeframes on this pair seem to be lining up and Weekly and Monthly charts are screaming North too? Maybe I'm just seeing things? What do you think?

On the daily I see a bear flag where the break of the Lo coupled with the H/S on the 4 hr and the 1 hr could take it down. But on the flip side, the last two daily candles have formed a double bottom. I suspect tonights open will give us a better idea. Let me take a better look at the weekly chart too.

[shakesfx]

Originally Posted by PipChick

Technically it obvious where we could sell the g/j but as shakesfx mentioned, a lot depends on the G7 meeting. Im thinking a violation of the 1 hr right shoulder may be a good buy area.

I agree, I think we'll hit the right shoulder, retrace towards 199ish first and then North. Your entry point looks like good. I expect a bit of volitility later. I will be watching this tonight as I have a lot at stake... We'll see how it develops...We could smash through the right shoulder very quickly , in which case +205 is within sight by Tuesday. BUT - it could just drop through the floor tonight so that traders can test where the Centrals Banks will jump in..., but jump in they will.