forexnovice - great analysis. . . Here's my take on this. . . I see UJ testing lower support @ 106.50 may lower 105.50 area (longer term) GU has tested upper resistance so it should come down to at least 2.0650's area or lower. . . I see GJ going ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Mike, I see res. @ 222.50, 222.79 and 223.54 all on the 1hr chart. . . Daily pivot now @ 223.05 4 Hr pivot is now @ 222.79 On a 4hr chart I see a move up to test 222.70 area possibly retest new daily pivot to trigger stops (5 EMA) and then a ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Bruce, Thxs, that helped a lot. . .

Auslanco - GBP/JPY and GBP/USD (newstrade)

Thxs. . .

Auslanco - GBP/JPY and GBP/USD (newstrade)

brucehvn, So are you saying the probabilty of it going any lower than 221.40 is low?

Auslanco - GBP/JPY and GBP/USD (newstrade)

Forexnovice, why do you think it will reach that area before reaching 221.48? Are you building longs on the way down to go back up? Right now I see the highest its going within the next 4 hrs is 222.74 or possibly 223 on a short squeeze which the ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

No, I closed my position @ 221.98 from 224.05. . . I'm currently on the sidelines waiting to see what price does from here. If GJ moves down to 221.48 and bounce I'll start building a long position. . . If GJ moves below 221.48 I strategically scale ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Yep, we're headed toward 221.48, the question I have is, is there a possibility that we may head toward the end of the descending wedge (overshoot) if we get enough downward momentum and hit 219.60/70 and then bounce back up. . . If you take a look ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

I see the 4hr descending wedge all the way down to 219.60/70 area. Do you think there is a possibility that is may go that far before bouncing back up????

Auslanco - GBP/JPY and GBP/USD (newstrade)

We are headed toward daily S1 of 221.48 once GU starts to come down. Don't think we will get much of a bounce. What you are seeing is what u get right now. It may try to get back to 4hr S3 @ 222.42 but it may have a hard time getting there. . .

Auslanco - GBP/JPY and GBP/USD (newstrade)

Not anymore. . .

Auslanco - GBP/JPY and GBP/USD (newstrade)

Karmo, I was studying the same time frame and was wondering about the lower wedge and notice that GJ could revisit the low end of that wedge and maybe resistance down there, 219.60's/220.50/70 before a significant moving up, especially since daily, ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Agreed!

Auslanco - GBP/JPY and GBP/USD (newstrade)

Once UJ breaks its daily pivot support we should see a limited move downward. We won't see a significant move down until GU breaks down lower. Until then GJ will be somewhat limited. . . UJ going down, while GU continues to go up, result GJ limited ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

PC, Yes, we seem to always be on the same page with our analysis. . . I follow your analysis and many other senior members on this thread such as Karmo, Aus, Zoran, Gene22 M2B and others and really have learned a great deal from all of you. . . I ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Well, right now I'm building shorts up to 224.50/225 possibly b/c's I believe at some point today GJ will go after stops above 224.25/35 which should trigger a spike up to 224.50/225. . . As far as TP it's open right now and depends on the price ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

I'm not so sure about that right now. . . UJ continues to bounce off daily pivot (108.14) and GU is sitting above 4hr and daily pivot. We could see UJ revisit 4hr pivot (108.35) before a push lower below its daily pivot. Having said that I still ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

Zoran, Thank your for this post. The 4 hr descending wedge had me a little worried that we didn't touch the lower end of the wedge and bounce off, therefore its just hanging there right now with a potential to revisit it. . . I have lower wedge @ ...

Daily GBP/JPY analysis

Well, it bounced off the 4Hr R1 support @ 223.32 for now. Unless it breaks through daily pivot and UJ breaks 108.00 we could find this pair back above 224 touching 224.50 if UJ heads any higher otherwise down it goes. . . Closed my short @ 223.37, ...

Auslanco - GBP/JPY and GBP/USD (newstrade)

I agree, UJ seems to have a protective barrier @ 108.00 for now. Dow would have to turn very negative for it to break at this point. Therefore I think we'll see a test of the daily pivot. If it bounces I'll consider re-entering long around that ...

Auslanco - GBP/JPY and GBP/USD (newstrade)