GBP/JPY Trading 2008

Quote from bigmrfrank:

Still short. Had a perfect test of 211.98 and is now resting on the bottom daily trendline exactly. Also a failed test of 213.50. Seems a bit exhausted but still decent selling. R1 is now 211.98 and R2 213.50.
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First test of 211.98 failed. About to try again.
 
TP at 211.80 for +55pips.

It really is hard work for gains on longs, as when the yen weakens the £ goes down, making a slow grind upwards. I think I'll stick to GJ shorts, and AJ longs on Jpy weakness & strength respectively.
 
Quote from ForexPro:

TP at 211.80 for +55pips.

It really is hard work for gains on longs, as when the yen weakens the £ goes down, making a slow grind upwards. I think I'll stick to GJ shorts, and AJ longs on Jpy weakness & strength respectively.
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Second test of 211.98 also failed so the downward trend is still in place ... for the time being.
 
Yes looks weak. A lot will depend on CPI figs tomorrow. A stronger reading will halt the downtrend for a while, if the implication is for a slowdown in cuts.
 
CPI figs had a slight upside bias but am using as an opportunity to sell as it wont stop the BOE cutting.

short 211.32 st 211.95 tp 210.22
 
st hit -63pips. Move caught me off-guard. If you look on smaller time-frames we've had higher lows and higher highers. So dip-buying seems the best strategy for today, as long as wall-street isnt spooked by citicorps results.
 
Still short. Nice move to 210 as we discussed last week and about to test it again. Price broke the bottom daily trendline but not enough to make it a R point. There is no clear cut R1 but it is vaguely 210.95 or 210.50 with 211.98 being R2.
 
Quote from ForexPro:

st hit -63pips. Move caught me off-guard. If you look on smaller time-frames we've had higher lows and higher highers. So dip-buying seems the best strategy for today, as long as wall-street isnt spooked by citicorps results.
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The trend is rather long in the tooth which is going to make it very hard to sell rallies other than those with large stops and small targets. It's also going to be very difficult to call the bottom without some serious consolidation first.
 
short 210.81 st 211.81 tp 209.81
Short is the best way to go. I think the US equity mkts will take a tumble this afternoon, which will affect carry-trade/risk sentiment.

I agree its hard to call a bottom, but GBP/USD appears to have put in a bottom.
 
Quote from ForexPro:

short 210.81 st 211.81 tp 209.81
Short is the best way to go. I think the US equity mkts will take a tumble this afternoon, which will affect carry-trade/risk sentiment.

I agree its hard to call a bottom, but GBP/USD appears to have put in a bottom.
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Cable is stagnant but USD/JPY is still making lows.
 
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