Here is some analysis from last night. Read this post and the one (two posts) below it. url

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

url I was long while everyone was still considering it.

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

Bounced off that Navy line I mentioned last night. I don't see it as a big problem.

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

The 4hr and daily look very bullish to me. I can sense a breaking of this range!

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

I went long on my new live MT4 account. I can finally trade off my chart!

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

Do you still have your long open from yesterday?

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

I have realised that the DOW chart above has the weekend factored into the current cycle. It's an MT4 thing and I assume that come Monday, the weekend will be removed. I assume that will push the timing out by a couple of days.

This weeks GBP/JPY Analysis & Predictions

Yesterday's support at 232.3 is holding. I'm still bullish. 235 and then 238 are still my targets.

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

That's why I prefer fixed spread brokers.

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

So now price has dipped its head below the water. How long can it hold its breath?

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

Which one? On the daily? I suppose if there is an ascending right-angle triangle then it just adds weight to the bull position. Maybe you can point it out in a chart.

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

Looking at the same line on the 4hr, you can that it seems to be the neckline of a pattern resembling a reverse head and shoulders formation (of about 500 pips). This could indicate a return to the high 238.80 area (61.8 level of the big move). ...

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

Price is sitting nicely on the upper Navy trend line that goes back about 1 month. This is shown in the 5 min chart attached.

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

It's a bumpy road from 234.50 to 235.50. HM's target this morning was 234.60, mine 234.68 and Aus's 234.80.

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

Hmm, I've just realised that my DOW chart has the weekend factored into the cycle. That will probably push the timing out a couple of days?

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

Nicely manipulated. The 10% rumour turned into an actual 8% with an expected 5%. It kind of makes it look better than it is.

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

There is a bearish wedge in there (on the daily) although price is near to the apex, which means less weight is given to it. Ideally, it should have already broken. However, this sign could also add weight to a big fall tomorrow or Monday.

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

Believe me, I have tried to tell it many things before but it just does not listen. So I have accepted that it tells me what to do

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

I'll re-enter long somewhere in there with an initial stop of 232.75 (same as yours).

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

I don't expect it to go lower than 233.10.

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