itaskar
Short

possible downtrend continuation

FX:GBPJPY   British Pound/Japanese Yen
344 15 1
trendline break and retest
itaskar itaskar
waiting for bearish candle pattern
Reply
itaskar itaskar
failed, waiting neckline retest 168.50-80
Reply
The UK economic data to be released in half an hour should give the sterling some impulse either way. If it fails, the NFP will certainly do. Anyway, I know, it would be going against the grain of your study, but the pound got pounded enough recently, so I expect some strengthening of the royal currency.
Reply
itaskar ForceFollower
yep may, it's definitely back in trend, watching resistance 168.50-70 for short.
Reply
itaskar ForceFollower
in my opinion the weekly double bottom neckline will be tested harder, thats why i think that the daily trendline will not hold as long, jpy is weekening from mid 2012, so it can be time for jpy. i think that audjpy is confirming this scenario, maybe other jpy pairs as well, didnt check it yet. I think there will be further down next week, even there is pretty weekly hammer.
snapshot
Reply
The yen itself, according to my analysis:
1) it is still a strong currency, as strong as the NZD,
2) it has weakened somewhat recently,
3) it keeps weakening,
4) it is oversold.

Overall: a mixed picture, but:
a) I would not bet on the yen's strength, until it shows some strength,
b) I would not bet on the yen's weakness, until it is one of the weakest currencies among the majors.

But if I had to decide very soon, I would sooner bet on the yen's strength than on its weakness, which means: going short some yen pairs (esp. CAD/JPY or EUR/JPY). Until then - I'd wait for the yen to show some more strength.
Reply
itaskar ForceFollower
thx for your opinion, is there any reason for you to prefer cadjpy eurjpy?
Reply
Certainly. :-) Currently the weakest ccies are: CAD, USD and EUR. So, if I were to bet on the JPY's strength, I'd do it against the weakest ccies.
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out