Japanese financial reports have ceased to move the Yen a long time ago, for some reason.

Dragon Riders GBP/JPY

Japan Monetary Base report in less than 30 minutes (7:50 PM EST). Yeah, sure, like it's going to move the Yen one way or the other.

Dragon Riders GBP/JPY

If USD/JPY and GBP/USD are going up at the same time, GBP/JPY has nowhere to go but up, no...? In fact it will increase faster than the yen or the cable, taken separately.

Dragon Riders GBP/JPY

Here is an idea to explore : buy GBP/JPY but only if both GBP/USD and USD/JPY are above the same simple moving averages, like 20, 50 and 100 for instance (and vice versa for short GBP/JPY positions). This will at least insure that the Dragon is in ...

Dragon Riders GBP/JPY

Long GBP/JPY at 146.80, 35 pip stop.

Dragon Riders GBP/JPY

So far no takers at today's high...

Dragon Riders GBP/JPY

Yen is trying to break today's high.

Dragon Riders GBP/JPY

Nope, I call them trading opportunities. You can make $500 a week just with these small time frames alone (1-m and 5-min) : 10 pips here, 15 pips there, it adds up very quickly, and all that with very limited risk. Now try to do that with a weekly ...

Dragon Riders GBP/JPY

Yep, it looks that way. Never underestimate these smaller 1-min time frames, they obey to the same exact technical analysis principles than the higher time frames.

Dragon Riders GBP/JPY

We now have a possible breakdown in progress from that rising wedge pattern (see chart just above)...

Dragon Riders GBP/JPY

Excellent then, adding to winning positions is still THE best way to turn a modest capital into a substantial one, playing with the house's money so to speak.

Dragon Riders GBP/JPY

I hope Plan B is not : Pay the margin call! Just kidding. Rising wedge on the 1-min chart, this is usually a bearish formation so watch out for any possible breakout folks.

Dragon Riders GBP/JPY

Yes 148 is a resistance area, but keep in mind that the Dragon could easily break it and never look back...

Dragon Riders GBP/JPY

Le problem with double tops is that there are plenty of them during an uptrend, but only of them is real (when the trend finally reverses). So yes, let's see.

Dragon Riders GBP/JPY

So the real question this week : will the Dragon pullback or continue its uptrend? One thing is for sure : there will be serious resistance around 148.00, if GBP/JPY ever goes there.

Dragon Riders GBP/JPY

A 100% correlation does not exist, unless of course the two currency pairs are artificially pegged at parity.

Dragon Riders GBP/JPY

The Dragon is now testing 146, hopefully for the last time.

Dragon Riders GBP/JPY

It seems that a lot of buyers were waiting at the 145.90 level.

Dragon Riders GBP/JPY

Well the (positive) correlation between GBP/JPY and USD/JPY exceeds 80%.

Dragon Riders GBP/JPY

USD/JPY already filled its own gap and went down, that's probably why GBP/JPY is going down a bit.

Dragon Riders GBP/JPY