Range: The 1H GBP/JPY hart shows a market that has been ranging since it found resistance at 156.76. It has ranged roughly from 154.90 to 156.76 since May 9. As we get into the 5/23 session, price has been anchored in a falling channel and is threatening to break down the range support. Momentum: The 1H chart shows that momentum has shifted…
Consolidation: The 4H GBP/JPY chart shows a market that has fallen into a consolidation range roughly between 156.75 and 154.85. This range is set following a bullish market since at least the beginning of April (actually going back to June 2012). Breakout scenarios: If there is a break above 156.80, we are likely to continue an uptrend with the range breakout projection to be 190 pips higher, so some where around 158.65…
Yen-selloff: Today’s main theme in currency markets was the sharp sell-off of the Japanese yen, continuing the theme of a Japanese currency under pressure by the BoJ’s aggressive strategy of easing. Let’s take a look at some JPY-crosses and the key technical development after today’s action…
Bearish correction: The GBP/JPY has been retreating from a bull run since hitting a high of 153.84 last week. It has slid to a low of 149.43 to start the week, before consolidating in the intra-session time-frame as seen in the 1H chart. It is also consolidating above the 200-hour SMA, which maintains a slight bullish stance for now. The consolidation range created within the 4/15 session is between the 150.70 resistance and the 149.43 support…
Double top after rally: In the span of a little more than 2 sessions, the GBP/JPY rallied from 140.35 to 151.76 (more than 1000 pips!). After this surge, it appears to have lost a little steam, reflected by a bearish divergence with the RSI. Price was stalling in the 4/8 European and now US session is forming an intra-day double top. In the near-term there might be some space to the downside during the US session, but it will be challenged by a rising trendline just above the 150 handle…
It was the first key act of new Bank of Japan Chief, Haruhiko Karudo and it was a big one. The bank announced plans to buy 7.5 trillion yen ($78.6 billion) of bonds per month and double its monetary base in two years. Plane and simple, this quantitative easing policy introduces a lot of JPY supply, which should weaken the currency. The market immediately started pricing in further weakness in the JPY and in hours wiping out week’s of slow gains by the Japanese currency…
Descending triangle breakout: The GBP/JPY has been trading in a descending triangle with a high point of 145.85, and a relatively flat support around 142.00. 4/1 price action pushed the pair below 142.00, suggesting a possible completion of a price top, which would suggest a short-term bearish swing with lows around 139 and near 137.90-138 in sight. Note also the 4H RSi falling below 40, which is a sign that the previous bullish momentum is killed…
Triangle: The 4H GBP/JPY chart is showing a pair in triangle consolidation since it climbed above 142 but held below 145.85. The moving averages reflect consolidation mode as they whip up and down with price around a flat 200-4H SMA. The RSI is stuck between 40 and 60, reflecting consolidation momentum. In the 4H chart, the prevailing trend is bullish. Breakouts: a break from the triangle could be an early signal for direction…
Bottoming, Trendline: GBP/JPY has been bearish through most of February but found support at 137.81 last week. It has since consolidated and even put in a higher support pivot of about 139.05 on Friday (3/1). As we wrap up the Monday (3/4) global trading session, GBP/JPy is pushing above 141, and appears to be breaking above a falling trendline that has been holding price action bearish since the 147.90 pivot in February…
For the firs time since November 2012 Pound Yen is back below the 200 ema 4hr. This is now bearish for me medium term as it has been a phenomenal rally from all then JPY crosses. Now that price is bearish I have pointed out a bullish bat harmonic forming underneath price.
How to win friends from China-- Brazil 'cancels' most African debt. http://t.co/taeYXlue8j Great Ribery/Robben/Mandzukic combo French to the Dutchmen to the Croat giving Munich the lead in london.
"The End of Week #Forex Review and Technical Preview for next weeks trading"( http://t.co/vWNub6oLKW ) No need for fancy Spanish clubs when u got such a Terrific German final. When's the YouTube clip of Robben's big game misses #uefa Germany Leads on & off the Pitch - http://t.co/foc8DecGKb #dortmund #munich #uefa
Some context to tgw week that was in Japan's markets.. Iron-Fisted Bank Of Ja… http://t.co/l47YSk8IWG
RT @SallieKrawcheck: Can mothers be traders? @JackiZehner on @85Broads. http://t.co/RrSwqfk57B/ to @Hedge_FundGirl
$USDJPY "In Trading Never Expect Perfection at The Craps Table Limit Orders Limit Success $$ #fxroom $USDCAD I've renamed the RSI to Real Simple Implicator learn why on http://t.co/rQgdaO6wjT $$ #fxroom $S&P "The difference between Pro's and Amateurs is Pro's know how to lose so they have money left to be Right with" Dale Pinkert #FXroom $EURUSD Remember "We Will Always miss Trades, But There is always another Bus Around the Corner" $$ #fxroom $Gold, Crude Oil Remember "Sometime the right Trade is No Trade" #FXroom $EURUSD DXY On the Memorial Day Weekend "Don't Just Count Your PIPS Count Your BLESSINGS" Dale Pinkert $SPX, USDJPY Remember "If you don't learn How to Change Your Mind You won't have any Change Left" W.D Gann $$
"The only way you get a real education in the market is to invest cash, track your trade, and study your mistakes!" Jesse Livermore RT @ForexStopHunter: did you take profit on that USDCAD long? beautiful next to my Aussie shorts this month! Good call :)Top Picking yen S&P One of my better ideas..lol. MT @EdMatts looking at borrowing JPY to buy Bank stocks (eg $SocGen $BAC UK Lloyds) in next 3 months (Feb 2012) "Profits can be made safely only when the opportunity is available and not just because they happen to be desired or needed." Gerald Loeb ECB Repayments & IFO Stabilize Euro for now http://t.co/2X4HvfEbU3 #forex Kuroda promises to stabilise bond market - http://t.co/FSbWBWcrCH #forex #nikkei
Weekend Video: Pivotal Time for Markets Next Week as $USDJPY, S&P 500 Toe Cliff Edge http://t.co/c4g4IaMKHk
#hangover3 at dinner and a movie ...and a beer with my wife! http://t.co/ZcadlIQ1kh Another piece of evidence for a return to trend for the $SPY: the put-call ratio spike aligns nicely http://t.co/L1idYN1SL8 As everyone looks for clues on $SPY direction next week, spec futures positioning keeps dropping: http://t.co/Js18eWKNlD Yet another four-year low in gold long futures positioning - 80259. ETF and speculators... #COT http://t.co/N7MYgQHopV There doesn't seem to be any hesitation in net $USDollar interest but relative peaks divergence #COT http://t.co/dqn1qc2hJa Despite the biggest weekly drop from the $USDJPY in years, yen short interest hit a new 6 year high http://t.co/rcr1R9YkUR ...in fact, the biggest jump in net short futures interest since 5/11/2012. $EURUSD COT http://t.co/B4zBRXPhDG This is worrisome: big increase in net short Euro futures interest despite $EURUSD's hold - http://t.co/rbWVCJX106 Net short positioning in $AUDUSD futures interest second highest on record #COT http://t.co/6dj2CHiG4Q Biggest weekly drop from $USDJPY since 7/16/2010 - well before the long-term bear wave ended. http://t.co/RGDPkIOl6l Dollar Rally Done? Weekly Forex Technicals 5.27-31.13 | | BK Forex http://t.co/p3TbPRFAfj The most interesting Gold analysis I've seen - CITI: Gold Stairway To Hell - Business Insider http://t.co/RbradjsbzC EZ crisis talks and lots of emerging mkt event risk next week. Manic-Crisis calendar out soon. Sign up for it here: http://t.co/hoCa3tu4bQ
Way too much Tull at the #Rush O2 interval. My flute solo limit was passed some time ago, and it's still going on... and on... ...now compare that to $USDollar periods of extreme RSI levels around long holiday weekends: http://t.co/zqjhcM43Eu
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