GBPJPY Analysis

GBPJPY 4 hour chart - Waiting for the break.

GBPJPY Daily Chart - Sell target at 55-Day Simple MA.

GBPJPY: Dying To See A Hammer

After gaining against JPY for 2 days, pound sterling started to give it all back. The current rate is 129.54 with support trendline at 129 area. As I said in my previous post, there is no sign for a reversal, yet. Meaning, I'm dying to see a hammer or at least a long lower shadow/tail/wick on daily chart on the following days. No no no.. the hammer wouldn't be my buy signal, just a first signal for a bullish movement. The price should close above 130.70 to confirm the hammer. Now you might think that confirmation would be my buying signal. Well, false again. But we almost there. After closing above 130.70 area, the pair should retrace right? That would be my buying signal. Now, lets wait for that moment to happen.

GBP/JPY Update

Following my last post on GBPJPY titled 'what if', the pair had tested 135 level before turning back to its previous level. Current rate for this pair is 129.38, which is also at the support trendline. So far, there is no sign of reversal. Nonetheless, the price did find some support in this area. I would suggest a neutral view, with a possibility to rise further to the upper trendline. Closing below previous bottom would trigger bearish view. Other than that, the scenario for 141.20 area is still in play.

What if...

Above is GBPJPY weekly chart. The pair depreciates again earlier today and bounced near 128.50. I drew three trendlines showing forecasted support and resistance. Now, let's imagine. What if this is where the fall since August last year ends? What if the price fail to break trendline number 1 and the last bottom at 126.73 will not be touched? What if this is where the uptrend starts? What if it reaches 139.xx in December? What if it continue to rise to 160.xx next year? By the way that is around 3050 pips from current price :p

But what if I'm wrong??? ;))

GBP/JPY Hidden Divergence

The pair did not bounce on the broken resistance and reach 129.16, about 35 pips from the previous low. Stochastic indicator shows hidden divergence at this current low, which mean a bullishi signal. Stop remains around 128.70/80, while target is around 131.12 and 131.65 next. Important high is at 133.59, therefore the pair might test that level if the bull is strong.

GBP/JPY Follow Up Post

The pair broke the resistance yesterday during the US session. The price is now making a return move, testing the broken resistance. I expect a second leg up toward 131.70/90 area before NFP. Visible stop is around 128.80. I hope move this to 129.70 area if the price does bounce after this.

GBP/JPY Gonna Break Above?

The pair is currently consolidating between 130.35 and 128.63 following the fall from 133.59. At this point, we wait. If the price break above the resistance, the it is the double bottom pattern. The target would be around 131.40. If the support broken after ADP released, then the downtrend should continue..at least until Friday. Ok then lets see what happen in the next few minutes. Enjoy the show!

Continue or Reverse?

Check out this falling wedge on GBPJPY H1 chart. Wait for a breakout to confirm the completion of the pattern. Break on the upside or above 136.53 should trigger buyers and the pair may test the resistance around 137.30 area. Break on the other side or below 135.86 should indicate further correction to this uptrend.

Fight The Trend! Go Long!

Hi there, I bought EUR/USD, EUR/JPY, and GBP/JPY earlier at 1.2336, 113.99, and 133.43 respectively. I know that the trend is still down and honestly, I'm a bit worry about these entries ;P

Nevertheless, EUR/USD has finished 100% of the previous impulsive wave and another correction could be in progress toward 1.2800 area. EUR/JPY still in the1-week down channel. Break of this channel should confirm 112.45 (yesterday's low) as support. I target 124 area for EUR/JPY. For my baby GBP/JPY, I target 135 and 137 area. Please be good GJ..

GBP/JPY: H1 and H4 Chart

GBP keep on gaining against Yen after a reguler-hidden divergence combination on hourly chart. At the moment, GBPJPY is facing the resistance trendline but still maintain above 144.70 level. Further pull back may be seen until 144.00/30 area. 4-hour resistance trendline is now around 146.50, but 145.50 area is enough for me ;P

GBP/JPY Break H4 Trendline

The pair reach 61.8% retracement of 143.59 to 132.00 at 139.16. It reversed since and made a nice bearish candle on weekly chart. It also break H4 trendline and the pair might continue the down trend. Support levels can be seen around 135.16 first and 133.88 next before testing 132.00. As for risk, I think 38.2 level (136.43).

GBP/JPY at 61.8% Retracement, Buy Signal

So the pair fail to break 137.80 and reach 61.8% retracement (135.50) near the support trendline. There are no signs of reversing yet but I already put my buy limit order :P Nevertheless, it seems like a good price to enter long. My stop loss is below 134.90. The target should be the resistance trendline again near 137.80 but I'm only going to take 40-50 pips.

GBP/JPY Reach Target

This is an update from my last post. The pair has reached target at 137.80. The trend in hourly is still bullish but I would wait a break above that 50% Fib level to confirm another move up. Another resistance is around 139.16 which is 61.8% Fib level. On the other hand, GBP/JPY might go down to the support channel again or look for 50% to 61.8% retracement (between 135.5 and 136.00).

GBP/JPY Update

The retracement from Friday reach 61.8% and formed a double bottom. It has been moving up since. First target it the 50% level of the 5-wave down from 143.59 to 132.00 at 137.80. Stop loss around 136.

GBP/JPY, GBP/USD, and EUR/USD Update

These are the update for GBP/JPY, Cable, and EUR/USD from my last tweet about chart setup.


The pair finally break a side after going sideway since it reach 132.00 low. I missed the first breakout of 134.02 but luckily I got another opportunity. The pair reached 2nd target (which is also the neckline) after NFP data released. I think we'll see corrective movement in hourly next week before it reach 50% fibo level (137.80). Otherwise we'll see a reversal signal and we can start selling the pair again ;)


GBP/USD
Cable still moving inside the corrective channel, support by 1.5000 level. I think we can still targeting the 50% fib level around 1.5300 next week. I have closed my position yesterday along with my GBP/JPY position. So I think I'm going to wait for a dip near the support channel before buying this pair.


EUR/USD
The euro still moving between 50% and 61.2% Fib level. I am just going to stay out of this pair until a significant break occurs.

Chart Setup GBPJPY, EURUSD, and GBPUSD

Above are chart setup for GBP/JPY, GBPUSD, and EURUSD.
GBP/JPY downtrend may continue this week after 2-week retracement from 138.26 and went as high as 143.63 last week. I currently shorting this pair as long it stays below the falling trendline.

GBP/USD broke 1.5707 support area on weekly chart. 100% projection is near 78.6% retracement or the green horizontal line (see chart).

EUR/USD reached 61.8% retracement which is the target from the previous post. The pair may have completed the third wave from 1.5144 top at this level. However the outlook is still bearish in daily chart as long the channel remain intact. First resistance is the last week high around 1.3780.

GBP/JPY Reached 23.6% Retracement

The pair has retraced 23.6% of 139.26 to 149.14 at 146.81. There are several support level here, broken trendline and 38.2% level of 118.80 to 163.06 (blue Fib) at 146.16. Break of these support levels should target 50% and 61.8% level. On the upside, first resistance is the falling trendline before testing 149.14 high.

GBP/USD And GBP/JPY Bounce From 50% Level

Cable has reached the target mentioned in previous post while GBP/JPY broke the TL and went further down to 140.93 support. I am expecting GBP/JPY retracement toward 143.74 and Cable ranging between 1.6292 and 1.6466. For the downside, break of current lows should target the next Fibonacci level which is 61.8%.

GBP/JPY Targeting The Lower Trendline

The Pound lose against the Yen to 147.31, following the triangle break and 148.40 support. My key support level is around 146.46/74 (near 50% level of 139.70 to 153.22), which is my target for current position. Next target is the rising trendline from daily chart near 61.8% level at 144.86.

GBP/JPY and GBP/USD H1 Setup

Just a quick update for GBP/JPY and GBP/USD hourly chart setup before the week starts. GBP/USD reachead 50% retracement after went as high as 1.6843 on Monday.The pair bounced from the falling trendline on Friday and I plan to enter on trendline breakout. GBP/JPY had a similar move with GBP/USD, tested the resistance on Monday, tested the support after that, and closed near the week open. Anyway, the is the same with GBP/USD. Thats all. Have a nice day guys! oh one more thing, I can't upload the chart from blogger so click the links below ok..

http://pic.gd/ae7dfd
http://pic.gd/1b6e30