UJ at technical resistance at 119.2/3, but a break there goes to 118.9. Under there, 118.5/6 can still bounce to renew the up trend. Below 118.15/3 it is in a broader consolidation, or has entered medium term reversal. ..................... On an ...

Dragon Riders GBP/JPY

OK, GJ back out of the triangle. Needs to fade 178.1 or a daily close below there. GU six days in a row with daily lower highs. UJ - 118.3/5 for reversal - or not.

Dragon Riders GBP/JPY

Yeah, 175.7 ish would equate to a break down being 0.618 of the 'triangle' height of 385 pips. Whereas a full height downwards move takes to 175 or just below. IMHO 178.9 means potential break up. Anyway, it still has to clear to the downside and ...

Dragon Riders GBP/JPY

With only one thing to be confirmed - ie we break below 177.1 - any triangle downside thrust target may take price to just below 175 - as in circa 174.5. That would have it in a very hard position to get back up.

Dragon Riders GBP/JPY

That is what you would expect - but we'll see.

Dragon Riders GBP/JPY

Breakout appeared to happen at 178.3/5 and that is being retested right now. But strange to have retest from so close under. Should it break back in decisively, it's either still in consolidation or it never was bearish.

Dragon Riders GBP/JPY

Something's still very odd with the speed of decline. Under 'normal' circumstances it should be accelerating away by now. I guess it hasn't been fast up to here, but somewhat methodical. However, speed should really be a factor about here. And it's ...

Dragon Riders GBP/JPY

But still awaiting break of 178.

Dragon Riders GBP/JPY

Pretty sure that GJ is now out of its 166 hour consolidation/diamond/double triangle.

Dragon Riders GBP/JPY

Might be as simple as that. But from a bearish perspective, the move 185 ~178.2 (670 pips) could also be interpreted as being a wave A, wherein 185 ~181.4 was A of A (350 pips), 183.9 ~187.2 was C of A (560 pips) .....and 350 pips x 1.618 just ...

Dragon Riders GBP/JPY

All other numbers aside, it remains in a potentially bullish configuration until such time as it clears below the present 179 pivot and gets under 178.3

Dragon Riders GBP/JPY

​​In my view it is still borderline dubious. I did say here that on trying to depart 178.5 it would become volatile and I guess that's how the last couple of days could be described. At this time, we finish another week with a lower high. Next week ...

Dragon Riders GBP/JPY

Yes, that's it. When I woke up this morning (about 12 hours ago) I read the posts on the Cable and UJ threads. Almost without exception, they were attempting to convince each other that the respective pairs were bullish. When someone dissented, they ...

Dragon Riders GBP/JPY

So, the group think has arrived here as well

Dragon Riders GBP/JPY

LOL. I'm indecisive and uncertain because to be otherwise is foolish. But one final comment here. The daily and shorter term supports are still working, but the bigger issue here still seems to be monthly supports. And they're starting to run out.

Dragon Riders GBP/JPY

The one thing we do a lot of is wait. The daily candle will start to tell a story over the next few hours. On other threads there's heaps of group think going on right now. There's trend lines and boxes and fibs and candle patterns being rolled out. ...

Dragon Riders GBP/JPY

Probably no hold at 178 after a few hours. The two options you reference allow for two possibilities - one goes further down below 177 then bounces again, maybe quite high. The other has it in steep decline to a very low point - probably sub 175. ...

Dragon Riders GBP/JPY

Sometimes, a very simple was of looking at things is also to go back to we probably all started - or maybe that's how we trade. Moving averages. In this case the daily 200 simple. Price has long found support there, or drops slightly below then ...

Dragon Riders GBP/JPY

Fair point. That was written after it had bounced from 177.1/2 and folks interpreted that as a bottom destination. My point was that 177.2 was the first support after drop out from the 178 area and it's place/role was to only force a retest of the ...

Dragon Riders GBP/JPY