Hi there - a good post. Let me offer the reasons for my differing view. And it's by no means confirmed. Should price break over 178, then yes, it will go where you said - and probably negate the immediate down trend. The last time GJ was down in ...

Dragon Riders GBP/JPY

Simply because it is. 178/179 retraces back into about here/176 and renews the medium term up trend.

Dragon Riders GBP/JPY

I'm not saying it WILL hold. I'm saying that if this a correction completion it may not hold. We have to wait.

Dragon Riders GBP/JPY

Because 178 plus is a bullish up trend beginning and assumes that 175 was the bottom. Here would be completion of a correction from 175 which took the form of an expanding triangle and rising wedge to complete. We will see if it holds

Dragon Riders GBP/JPY

If this is a correction, price should be stopping right here at 177.6

Dragon Riders GBP/JPY

Never!

Dragon Riders GBP/JPY

GJ just in a rising wedge? GU running into resistance. UJ on the verge of losing it's medium term up trend....again

Dragon Riders GBP/JPY

I've given up trying to work out what wave it's in, or whether it's in a wedge or whatever. It's been 19 weeks since 189 and things are still no clearer. But there is another option that rarely gets mentioned - that this is wave 3 coming from ...

Dragon Riders GBP/JPY

175.7 is turning into a big deal. The spikes below earlier in the week were likely just false breaks - as maybe was the drop to 174.8. So... if it's not doing some sort of stupid inverse H/S thing, it could simply be trying to turn this area into ...

Dragon Riders GBP/JPY

If you're talking weekly 55 ema or daily Bollinger band support, either way they break

Dragon Riders GBP/JPY

Being a 'cross' when you look at GJ, it's often handy to watch and analysis both UJ and GU. It doesn't always help, but can assist in some situations. For example, right here, UJ has departed 119.8 support and is a little vulnerable. But it would ...

Dragon Riders GBP/JPY

It may be perfect but that's just an appraisal of the two options. The low volatility persists, with the on going expectation of a sizeable bounce ...... which has yet to eventuate. That's why it's very hard to call. At some stage it bounces, or it ...

Dragon Riders GBP/JPY

Next up is 174.7, followed by the weekly cloud at about 174.2/3. Break under there for 173.3/5 ish and a break much under under 173 opens a relatively straight line into 171 and 168x. Conversely a hold over here to 173 could take it back towards ...

Dragon Riders GBP/JPY

At 120.5, UJ is in a vaguely similar postion to where GJ was a little over 50 hours ago

USD/JPY Discussion

I called it because it wasn't too hard - but I accept the last 30-40 pips of that correction had me wondering. However, here's where it does start to get hard. I don't think that 175.4 has much magical value any more, but I will assume here that ...

Dragon Riders GBP/JPY

You choose the front seat, I'll have the back seat. Gotta get down. What a brilliant track????

Dragon Riders GBP/JPY

In a nutshell, under 173 confirms GJ is no longer potentially bullish and is in retreat. Holding above 174x/173 suggests more topside consolidation or just bullish.

Dragon Riders GBP/JPY

Consolidate, then through. Above 173 = bad. Below 173 = good. Why? Because of where GU supports are and UJ still expecting to fade here. GJ runs into all mother of potential support circa 174.8/173.5 ish. But, hey, it's Friday

Dragon Riders GBP/JPY

It's going to dump right through

Dragon Riders GBP/JPY

Go ahead and post. Nobody will laugh at you and it's always good for a discussion.​

Dragon Riders GBP/JPY