GBPJPY got stopped out @ 198.15. o pip profit

Cautious as JPY is showing some strength. Hourlies are oversold on GBPJPY.

shorted the pound yen on resistence at 199.00

slow stoch was at 85 at a bearish cross..

and candles were looking bearish

any thoughts anyone

Nice trade Aussie, I think I am going to short myself. I think I might wait just a little bit though having the rsi at 72 with still an uptrend I think you might be shorting just a bit early. I would wait for the breaking of the rsi of 70 then make your move to sell. Other than that, shorting is a great idea of this currency. Nice trade.

GBPY is overbought on the hr, 4hr and approaching o/b levels on the 8hr.

Personally I am looking to buy on a dip, if seen. JPY is bearish due to high oil now trading comfortably over $60, which is bullish for this and the EURJPY.

I shorted the GBP/JPY at 109.28. It was hitting resistance and the 50% fib line. While the RSI was above 70, it looked like it was curving down.

Let me know what you think.

great observation


shorted the same pair at 199.70 although, you are using the usd/jpy exchange rate partner.....check it out

__________________
-The Guru

Sell any rallies, trend down, right now overbought.

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Nice trade Goldfinger. You have many great indicators supporting your position. I am curious aobut what do you think will happen to this currency if the oil prices stay the same? How much will it affect the yen?

Michael,

It makes no difference if oil stays the same, the trend is set and the pair will contiue to decline overtime. Data out of the UK is weak, GDP revised own, rate cut talk etc. Market at the moment is more focused on this, therefore weak GBP across the board. With rgds to the jpy - data has been better therefore you are going to see it slowly test the 194 lows.

With rgds to oil:

Oil higher - JPY weak

Oil same - no reaction

Oil lower - JPY will strengthen.

Again the above is in correlation with other fundamentals and applying it to TA.

Goldfinger.

short GBP/JPY

trailing stop 197.50
limit 195.02


daily 6 month chart
approaching the 61.8% Fibonacci but will probably break it
MACD signal is bearish
the price broke btw the two (1SD amd 2SD) lower bollinger bands


good luck

Pivot was 195.95.

Looking to liquidate at 197.00 immediate resistance.

Pound Yen Traders post this forum!

I trade pound yen only. See you soon. Lets get this forum moving like GBP/JPY moves.

Aloha Michael Michaud

Holding shorts from 197.50 sl @198.00 tp @open.

My stop is on the 61,8% fib level of 198.000 (200.39 - 194.08), looking to test break the lows of 194.10.

Nice trade I am also short from 198.00 moving stop forward to 197.60, todays high.

Sounds like a good plan, also moving stop to 197.60.

Moving stop to 197.10