GBP/JPY

[MegaWham]

This is gonna be interesting. I'm watching this live to see if what you say holds true. If it does hold true, I give you many due's. Wat's ur trading experience anyway?

Yeah, I'm pretty confident about it. I've been trading for about 3 years live. A baby in the whole scheme of things. Before trading live I did a lot of demo trading. I used to sit in the sauna with the laptop outside the sauna, looking at candlesticks for hours trying to predicts what was coming next. You should try it; it's unusually satisfying and it gives you a lot of confidence when it comes to reading charts.

I think peoples 'gut' feeling is rather a signal from their subconscious which has its root in your past experience of the charts (if that makes sense).

I challenge you to do a bit of chart watching. Go onto strategy tester, put the daily or 4h bars on and then speed it up a little and keep trying to predict the next movement.

Do that for 30 minutes. Do you accept?

[MissPips]

Yeah, I'm pretty confident about it. I've been trading for about 3 years live. A baby in the whole scheme of things. Before trading live I did a lot of demo trading. I used to sit in the sauna with the laptop outside the sauna, looking at candlesticks for hours trying to predicts what was coming next. You should try it; it's unusually satisfying and it gives you a lot of confidence when it comes to reading charts.

I think peoples 'gut' feeling is rather a signal from their subconscious which has its root in your past experience of the charts (if that makes sense).

I challenge you to do a bit of chart watching. Go onto strategy tester, put the daily or 4h bars on and then speed it up a little and keep trying to predict the next movement.

Do that for 30 minutes. Do you accept?

If it could improve me as a trader I'm willing to give anything a go; so bring it on. I accept.

I will let you know how it goes.

Looks like the BoE meeting has given the GBP a booster.

[YES]

I'm looking for this trend line to hold. If it doesn't, I'd expect the previous support to lend some support.

A lot of people are bearish for the sterling and euro, however I'm holding a different sentiment.

[YES]

I don't see the USD/JPY falling any significant distance therefore this pair is currently just like trading the GBP/USD. If the cable rises this will rise. Therefore one needs to look at the technicals and the fundies in the cable.

I would say this; the cable is definitely looking very oversold; it's been falling for 2 weeks without much respite.

[YES]

Looking at the volume and spread, it looks like there is currently a process of accumulation by real money players. Large volume with candle closing more than half way up. Usually a sign of large money accounts buying into weakness; usually signifying the end of the current downwards wave.

[YES]

In line studies, this is what you should be seeing; a close to asymmetrical triangle which starts back near 5th October on the lows and 31st October on the highs (BoJ Intervention). A little interesting face on the BoJ intervention from the 28th Oct to the 28th Nov: They injected 9.09 trillion Yen (about $117 billion USD) in controlling Yen strength).

A break above and hold the top of the triangle would be a bullish sign. Otherwise, watch price action bounce around in that triangle for a few more hours.

Personally, I'm in a long position with a take profit of 1.27.

[YES]

I have to say, this looks very bullish. Looks like a retest of 122.54 is on the cards. Chances are that will break and 122.54 will become the new base for another leg upwards towards the post BoJ intervention on October 31st of around 127.30

[UncleBuck]

To me, for the GBP/JPY, it looks like a retest of the 1.30 support is likely. If this breaks then it's down to the support trend line which is around 1.29, but I'd expect that to hold.

[UWCNeeraj]

GBPJPY is in the down channel since the start of the London session as we can see it down to the 129 levels.

[UncleBuck]

GBPJPY is in the down channel since the start of the London session as we can see it down to the 129 levels.

I think this pair is bullied by the USDJPY. I think if the Bank of Japan holds the 80.00 level in the USD/JPY, that will also support this above the 130 level, unless the GBP becomes very weak compared to the USD, which it looks like it could.

If the GBP/USD falls to 1.6000 and the USD/JPY holds at 80.00, we could expect to see a fall to about 127 here in the guppie.