This pair can trend really well.

At the moment there is no trend and ranging between 198.40 and 199.40. There was a spike low to 199.00 on the 4/5/05. I think it has based and we are ready for a break out above 199.40.

The daily chart looks overbought and is ready for a rebound.

Long @ 198.75 Stop 197.75 Limit 202.00

Any thoughts anyone?

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Adjust Stop to 198.25 (Below todays low), progressing well, comfortably over 199, trading now @ 199.20.

Stop loss hit. -50 pips. Stand aside.

Playing the range

Short @ 199.25 with a
Stop reverse @ 199.50.
Limit 198.00 but will adjust it if it breaks out of its range.

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good call goldfinger, i went short just 1 lot at 199.09 and will be adding more as it progresses downward, i also think the weakness of the yen agains US$ will help here

John,

I am moving my stop at entry level of 199.25 to make the trade risk free. I am leaving my limit open.

Closed position @ 198.20 for a profit of +105pips.

Hello Goldfinger, Jwebber,

Goldfinger I see you closed your position, JWebber is your position open/closed?

I have been monitoring this and EURJPY pair, and wanted to trade this breakout on the level you showed on your previous posting on the chart, of selling(you posted stop reverse at 198.50)

I am new and decided to trade GBP first, but am looking at this. If there is a rebound I will sell in the 198.50, do you guys think we may see a rebound? If GBP picks up surely this will also benefit from a rise? or do you disagree? JPY is pricing in a better than expected GDP so this also could be a false move and move higher again?

Let me know your thoughts,
FxNewbie.

I closed my position for a profit of 50 pips, I could have waited it out, but I have found that when I wait it out to long it just reverses and i lose all my profits. So i have set myself a goal of 20 pips for a ST trade and 50 for an MT trade

Mr. Jwebber,

Thank you for your prompt response. What is your view on this currency? . For some reason no one really participates in the crosses on this forum.



Thanks,
FxNewbie.

I am currently flat on geuppy (as stryker calls it )

198.00 was a 3 month support that was broken yesterday

14 period RSI is at 24 so we could see a minor retrace north, after that I am not sure. If you look at the daily chart, next support seems to be around 194.60

200 day MA is currently at 198.17 so I am considering a small short at 198.00, if that is filled and it moves back south I would add more lots as it dropped

any thoughts?

hello

Look to sell around 197.75 - 198.00 if seen.

We have had a very strong bounce from 195.58 to 197.38.

Its holding steady just above 197.00. If cable bounces and with JPY so weak it could easily go the upside and back to the current range with major ST resistance being 199.50.

If it holds below 197.75 - 198.00 then we will target 194.50.

Goldfinger.

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Goldfinger, good analysis and thank you also Jwebber. Since it is starting to show on the hourlies a sign that a top has formed and is below your current levels quoted on your previous post, have any of you traded and gone short?

I am short 197.10 with my stop at 197.40. For my profit I am targeting 196.50.

I am playing safe and would just like to get a few pips intra day. The roll over charges for this pair is extremely high, so am not keen to hold it for a medium or long term. I am new and just want to test the water, this cross excites me due to it volatility!

See chart attached, hourly looks like a rising channel..

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Medium Term Trade:

Long @ 196.60

stop @ 194.40

Profit @ 202.00