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

Originally Posted by jogold18

if price cant close above 120.50 breaking the inverted head and shoulders (neckline) to the up side soon, then lower we can go.....
i got lower support at 118.37 first target, and second supp at 117.65 monthly and weekly supp's ahead.

Great charts as usual jogold18! The Bank of England rate announcement and UK GDP could be big catalysts to move GBP/JPY.

Hey Jogold, SSI indicates that Yen strength could continue which would add support to your analysis:

GBPJPY - The ratio of long to short positions in the GBPJPY stands at 1.06 as nearly 52% of traders are long. Yesterday, the ratio was at -1.27 as 56% of open positions were short. In detail, long positions are 14.5% higher than yesterday and 48.8% weaker since last week. Short positions are 15.5% lower than yesterday and 13.0% weaker since last week. Open interest is 2.3% weaker than yesterday and 25.4% below its monthly average. The SSI is a contrarian indicator and signals more GBPJPY losses.

USDJPY - The ratio of long to short positions in the USDJPY stands at 7.40 as nearly 88% of traders are long. Yesterday, the ratio was at 4.14 as 81% of open positions were long. In detail, long positions are 22.6% higher than yesterday and 9.5% weaker since last week. Short positions are 31.4% lower than yesterday and 19.6% stronger since last week. Open interest is 12.0% stronger than yesterday and 9.9% above its monthly average. The SSI is a contrarian indicator and signals more USDJPY losses.

hello everybody,

I have been watching everything closely and I would like to have my input, although theoretically everything has been covered here, my pair is GBP/JPY so, I believe that I can show a different side of FX by posting daily statements on my trading. Many people make large amount of pips, but they do not disclose their money management skills, making 1,000 pips on 1% of the account or 10% is not the same, so I hope I can explain my trades, my logic and my TP and SL. on my trades

Originally Posted by C Managed

hello everybody,

I have been watching everything closely and I would like to have my input, although theoretically everything has been covered here, my pair is GBP/JPY so, I believe that I can show a different side of FX by posting daily statements on my trading. Many people make large amount of pips, but they do not disclose their money management skills, making 1,000 pips on 1% of the account or 10% is not the same, so I hope I can explain my trades, my logic and my TP and SL. on my trades

Welcome to the thread C Mangaged! Looking forward to learning from your posts.

Originally Posted by Gregory McLeod

Great charts as usual jogold18! The Bank of England rate announcement and UK GDP could be big catalysts to move GBP/JPY.

Thank you Gregory..... yep it can, alot of major news coming out this week. should be exciting.

Originally Posted by C Managed

hello everybody,

I have been watching everything closely and I would like to have my input, although theoretically everything has been covered here, my pair is GBP/JPY so, I believe that I can show a different side of FX by posting daily statements on my trading. Many people make large amount of pips, but they do not disclose their money management skills, making 1,000 pips on 1% of the account or 10% is not the same, so I hope I can explain my trades, my logic and my TP and SL. on my trades

welcome. please do, im always all ears (well its a computer, so all eyes) for a new guy (im also new)
you never know what new exciting things some one will bring to the forum..... analysis away

We should have a 5th wave lower now, towards 116 (GBP/JPY). A recovery is possible but improbable. As mentioned I will upload my statements later or tomorrow and do this on a regular basis.

Started today, a bit of profits on shorts. Kept on going short as it is a risk aversion week, and many bearish engulfings on the 5 min and on the daily 5th leg lower expected.
NOTE:This is a demo account!

Pip and Run Trading Results: 6 Wins out of 6 Trades for +47.5 Pips- Trading was very good as price respected support and resistance levels and continued to move in the direction of the longer term trends.
Join Greg McLeod, Daily FX Moderator and Trader as he trades live at 6 am Eastern Time /10:00 GMT in his "Pip and Run" Trading Room

.

Is USD/JPY supported or not?!?

I think so...

And if so... When does it takes off???



.

Originally Posted by Gregory McLeod

Thanks Ikee. It looks like GBP/JPY may go to the 118.63 -118.00 area first. IMHO

Ikee, you asked me a great question as GBP/JPY was at a decision point, bu alas I had no money on that idea! GBP/JPY did go to 118.00 and then some more!

Originally Posted by StRuTcH

.

Is USD/JPY supported or not?!?

I think so...

And if so... When does it takes off???



.

I think USD/JPY is trapped in a larger range and we could get a pull back shortly. I think that a break of the trend line you drew is in order.

Originally Posted by Gregory McLeod

I think USD/JPY is trapped in a larger range and we could get a pull back shortly. I think that a break of the trend line you drew is in order.

You could be right but, 76 has been a floor for 8 months now. We had the one spike down out of a triangle to 75.94 but that has been it. If I have the pattern correct, it will be a few months before it breaks up and should not make a new low. Of course we all have that trend line and the upside so far, is limited by the 50 day sma. But, the price to watch is 80.50.

Good Luck.

Originally Posted by Gregory McLeod

I think USD/JPY is trapped in a larger range and we could get a pull back shortly. I think that a break of the trend line you drew is in order.

Are you talking about this??

USD/JPY - Weekly



.

EUR/JPY Pullback Could Be a Buying Opportunity for a Short-Term Bounce Higher- EUR/JPY could move back to the 102.50 area

Originally Posted by StRuTcH

Are you talking about this??

USD/JPY - Weekly



.

The range between 76.00 and 78.00 is what I was referring to. Based on this range, I look to sell as we get closer to the top of the range and buy closer to the bottom of the range.