maybe another chance to sell above 153.00 but it may break higher. lets look at the Nikkei and other yen crosses for resistance.
Comments
titi
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All Yen crosses are forming a triangle. I'd be careful on GBPJPY for a BO to the upside which could take the pair to 156 ish.
sunny
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Yen run up last night had me cancel my sell orders. I moved this one to 153.90 but didn't get it. maybe wait for a close below this resistance line to evaluate shorts?
dan_keydcuk
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I like this chart Sunny because of 2 things.
1. You have clearly market the channels and resistance. I am banking long on another my own chart analysis. I would think this is going to be a 1-2-3 break above channel resistance.
2. I have moved away from using MAs but seeing they are their. The 200MA is moving very positive and so is the 100MA. Another point of resistance, I would say is when 55 MA wants to cross 100MA. With all of them pointing upwards, it will be a while for this cross to happen.
Look at fundamental data.
The pound is strengthening at a much better rate among all currencies opposing the Yen.
Japan will have a lot to catch up to. It is a shame of what happened when the radiation issue happened. Growth acceleration will be slower than the pound.
The US will not keep the pound down and their acceleration is slower as well. The west coast US is now receiving the radiation in the pacific ocean. If the US can't keep the pound down and compete to JPY in any sensible way, the GBP is the one to follow long as well as the EUR. I prefer GBP as I follow these fundamentals living here in the UK.
My latest eureka moment in trading is to trade when your technical analysis MATCHES what is going in the real world "Fundamentals". Fundamentals is the ultimate reality of the market. Technical Analysis is the supporting evidence and history map. Fundamentals is REAL DATA. Technical Analysis is speculation until the speculation matches the data.
sunny
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I believe the GBP has a bit higher to go against the USD. I will have my sell limits and stops set at market open on GBP/USD and GBP/JPY because of other fundamental reasons that are short/medium term.
I recommend you check out a book called Technical Analysis of the Financial Markets by John J. Murphy. Check your fundamentals at the door. The economy is not the market. Also - "The market can stay irrational longer than you can stay solvent." John Maynard Keynes
sunny
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what do you think of this now? btw my MAs/EMA are always there just for reference. I didn't see them useful in the near term for this pair. Thanks Dan.