Discuss USD/JPY, GBP/JPY, and other JPY Pairs

**Gregory McLeod** · 03-03-2011, 02:44 PM

Hello Traders! I just wanted to share and highlight the short term Elliott Wave charts found within Daily FX done by our Technical Strategist, Jamie Saettele. His Elliott Wave Bias Table highlights 7 other pairs plus Oil and Gold. You may use these as a point of discussion or debate or to generate additional ideas.

Jamie writes: The decline from the February high has me thinking that the pattern from the November low is a bearish triangle. Coming under 8110 would confirm an intra month reversal. 8230-8300 is resistance for wave E of the triangle. This area is defended by the 20 and 50 day averages (both near 8250).

What are your thoughts? Agree? Disagree? Alternate count?

**Raufy** · 03-04-2011, 02:55 AM

Hi Everybody. I have been a passive observer for almost a year. During this time i have learned a great deal from all the wonderful posts and analysis that people put forward. Equally, I have seen people enjoy their success with fellow members (and observers) and share the challenges of the FOREX world. I have been trading for almost 3 years, using fundamental and technical approach....although i am by no means an expert. just like everyone else, profits go up and down. Good luck to all and happy trading.

**Gregory McLeod** · 03-04-2011, 09:03 AM

GBP/JPY Could Break Lower After Hitting New High- Look for what GBP/JPY does at 134.33 (38.2% Fibo)

**Gregory McLeod** · 03-04-2011, 09:03 AM

GBP/JPY Could Break Lower After Hitting New High- Look for what GBP/JPY does at 134.33 (38.2% Fibo)

**zdihu88** · 03-04-2011, 12:32 PM

Originally Posted by zdihu88

And I am Long TP 140 SL Today Low .

It was not bad idea to close yesterday longs and go short today. Thats what I did

**Gregory McLeod** · 03-04-2011, 12:39 PM

Originally Posted by Gregory McLeod

GBP/JPY Could Break Lower After Hitting New High- Look for what GBP/JPY does at 134.33 (38.2% Fibo)

GBP/JPY News Fade Spike Reached Projection Target. The break below the 134.33 level coincided with the 38% retrace of the rally from the 15-minute low of 133.00 on 3/3 to the 15-minute chart high at 135.16. GBP/JPY cascaded to the 61.8% Fibo and Central Pivot area of 133.79.

I posted this trade on Twitter so many of my followers got the real time alert for this trade that had the link to this page.

Don't miss another setup make sure you Follow me on Twitter@gregmcleodtradr

**Gregory McLeod** · 03-04-2011, 12:39 PM

Originally Posted by Gregory McLeod

GBP/JPY Could Break Lower After Hitting New High- Look for what GBP/JPY does at 134.33 (38.2% Fibo)

GBP/JPY News Fade Spike Reached Projection Target. The break below the 134.33 level coincided with the 38% retrace of the rally from the 15-minute low of 133.00 on 3/3 to the 15-minute chart high at 135.16. GBP/JPY cascaded to the 61.8% Fibo and Central Pivot area of 133.79.

I posted this trade on Twitter so many of my followers got the real time alert for this trade that had the link to this page.

Don't miss another setup make sure you Follow me on Twitter@gregmcleodtradr

**Gregory McLeod** · 03-04-2011, 12:48 PM

Originally Posted by zdihu88

It was not bad idea to close yesterday longs and go short today. Thats what I did

Congratulations zdihu88! That was a good way to finish off the week.

**Gregory McLeod** · 03-04-2011, 12:50 PM

Originally Posted by Gregory McLeod

Is GBP/JPY Bound for 135.00?

The answer is 'YES'!

**Gregory McLeod** · 03-04-2011, 01:23 PM

Unable to Close Above 83.00, USD/JPY Heads South: Target 81.57- The 61.8% Fibo proved to be strong resistance.

USDJPY - The ratio of long to short positions in the USDJPY stands at 6.90 as nearly 87% of traders are long. Yesterday, the ratio was at 5.65 as 85% of open positions were long. In detail, long positions are 1.5% lower than yesterday and 8.6% weaker since last week. Short positions are 19.3% lower than yesterday and 12.8% stronger since last week. Open interest is 4.2% weaker than yesterday and 1.1% below its monthly average. The SSI is a contrarian indicator and signals more USDJPY losses.

For temporary free access to SSI and other DailyFX+ resources click HERE:

**jjcorral** · 03-05-2011, 12:01 AM

so gregory,

are looking to long gbp/jpy on sunday? target 135?

**zdihu88** · 03-06-2011, 05:38 PM

Thanks Gregory. I just wondering if G/J could bounce back from 133 area and go above 135,50.What do you think?

**Gregory McLeod** · 03-07-2011, 08:02 AM

USD/JPY at Bottom of HeatMap Indicating it is Weakest of the Bunch- Trading below its Daily 200 SMA, USD/JPY is facing key support at the 81.00 area.

**zdihu88** · 03-07-2011, 10:43 AM

Originally Posted by futuresforex

EUR/JPY is forming a bullish head and shoulders pattern. If resistance at 115.60 can get broken then the upside target would be 120.00. There is support at 114.00 that the market may want to pullback to first.

Hi. I am interested to go long on EUR/JPY 114.00 area and GBP/JPY will get to 132.20 area where I could close my short from 134.50. Stock market is diving

**Gregory McLeod** · 03-07-2011, 01:48 PM

Originally Posted by Gregory McLeod

The answer is 'YES'!

GBP/JPY hit a high of 135.12 on Friday. I had posted my chart on Wednesday, 3/2

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Thread: Discuss USD/JPY, GBP/JPY, and other JPY Pairs

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Japanese Yen Triangle Nearing Completion

GBP/JPY Could Break Lower After Hitting New High

GBP/JPY Could Break Lower After Hitting New High

The answer is 'YES'!

Unable to Close Above 83.00, USD/JPY Heads South: Target 81.57

long?

USD/JPY at Bottom of HeatMap Indicating it is Weakest of the Bunch

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