dow is starting to give back its early morning gains, hopefully it doesn't pull this pair lower with it...

Closed my GBPUSD long at 1.53 (+145 pips). Boy when Paulson speaks the markets tank don't they?

Broyboy, can you explain something to me? I'm new to trading and have only traded live for about 4 weeks now. Now my question is why when the U.S stock market is down does the Us dollar increases in strength.? It seems like the Yen increases in strenght when the U.S. dollar is down as well.

Closed 144 long at 147.50 for a 350 pip gain. It appears PFX weekly channel (144-148) is in play, or at least it was.

Missed the top of the channel (and the opportunity to go short), so will go long again at 144.00.

how long do you guys think GBP/JPY will reach 160?
Cuz US stock falls today and might it mean a rise of JPY?

I'm seeing the move to 165 develop... Will add on break above 148.

We're definitely marching up an ascending channel from last week's low. A break through the high of 148.00 will signal a continuation of this. If the Dow doesn't improve, I'm not sure we'll see this break today. Asia/pacific might sell the highs again. Conversely, the Dow ends up, then a break higher is very much on the cards (IMHO).

Until I see that I'm ranging between 148-144 on this pair. That said, I'm standing aside until the Dow closes and we have a clear direction.

I think that the US Stock market is only going to get worse, that jmo though.

Newtrader, do you understand the connection between risk aversion, equities and the USD (and the link between the USD and the JPY via Treasury bonds)?

That has generally been correct in recent trading memory but today we are seeing USD selling despite share losses. I expect this divergent action to continue for the remainder of the week at least, where the USD is sold regardless, though more heavily if shares rise...

Jumped the gun here... but the pair is well supported on dips, and I will hang on as long as hourlies point up and depending on US close.

--

Whippiness around 148 indicates significant offers there and I booked 82 pips profit as the Dow lost upward momentum again... looking to buy toward 145 and rising trendline or sustained break above 147...

Dear All,

Congratulations on those nice trades! Way to go...

I'm still on the sides...ready to enter long in the post-US vacuum when price should correct to 147 or lower...but equally ready to buy a sustained 148 break towards EU open...don't think I'll trade the Asia session...

__________________
"The market can stay irrational longer than you can stay solvent" - Keynes

Ok, guys, what do you think the mid term prognosis is for this pair.

A movel back to 164 level, similar to the previous retracement from the first 139 low in October, and then a return to the long term downward trend? Or are we looking at a reversal in play here?

The fundaments still support the former as far as I can see.


What are your thoughts?

I think we'll see 120's by year end!

I thought it was 115?

Cool, going short 148.00-115. No stop loss. Bring back memories, Maratha!