RE: USDJPY Trading in Tight Range

The GBPJPY broke it's range for a 50+ pip move down, and the EURJPY made a 40 pip move down after it broke below 122.00. Yes, I know these pairs have potential to move more, but I wasn't expecting a big move. That's why I said I'd be happy for a quick 40-50 pip move, which would test yesterday's lows. Remember not to get greedy. A 40% profit margin on a trade lasting no more than an hour, isn't a bad day's work.

You've got to grab those pips when you can!



Once the USDJPY broke below 90.15, it's move down made the EURJPY and the GBPJPY move 40 and 50 pips, for it smaller move of 19 pips. I liked how the USDJPY was stacking up along the 90.15 support, showing pressure on the sell side.


I hope some of you could see how I recognized that set up, and were able to grab a few pips.

USDJPY Trading in Tight Range

Looking of the Yen crosses to make a break out of the tight range they've been trading in for the past few hours. Watch for range breaks on EURJPY and the GBPJPY, particularly to the downside. Remember to watch the USDJPY as an indicator. I'd be happy to grab 40-50 pips on a quick move.

RE: GBPJPY Closed Trade with 75 pips Profit

Cable is not cooperating, thought the UJ made a nice move below the daily pivot, and the GBPJPY reaching previous support at 143.50. A break below that could see another 50pips. I'm perfectly happy with 75 pips profit.

I'm on Pacific time, US, and have not been keeping London Banker's hours. I'm going to call it a day. If it could hold below 143.75, I would have liked to hold half my position, going into GBP news in 2 hours, with a tight stop at news time, to see if the Sterling is going to remain bearish.

75% return in a couple hours isn't bad. I'll take it!

If I see any trades setting up tomorrow, I will post them here.

Take care, and trade safe!

RE: GBPJPY

90.80 is holding for now as resistance on the USDJPY. GBPUSD broke support at 1.5885 and looks like it wants to carry a bit more. If the USDJPY can maintain resistance and the GBPJPY can break support at 144 and hold, we should see it continue to make a nice little move down, with support at 143.50 and 143.00. Key support to watch on the GBPUSD is 1.5850. 35 pip move down already on the GBPJPY, setting my stop to B/E.

For more frequent updates on this trade, CLICK HERE to go to the ForexFactory thread where I post under the name, "FXDad".

FOREX: Possible Sell Setting up on GBPJPY for London Session

Long time since I made a post. It's been a little hectic with other things I have going on. Anyhow, I just looked at the charts and I see nice supports setting up on the USDJPY, GBPUSD and the GBPJPY. If the yellow support lines weaken and price falls on the GBPUSD and the USDJPY, there will be a nice sell opportunity on the GBPJPY.

Hope the New Year has been good to you so far!

Cheers!

VIDEO: London Open and Review of GBPJPY Post

Video review of posted Forex trade setup on the GBPJPY going into the London session.

GBPJPY going into London

I'm seeing heavy support on the GBPJPY, just above the 153. I think if there is a break below 153, it will carry down to another heavy support level at 152.40. So there would be a possibility to take 50 pips. Next support levels below that are 152 and 1.5138. Cable has already made a move down. Need it to continue into London for move down on GBPJPY to happen. USDJPY will need to also break down.

If there is a move up, watch for a break above the top of the short term range at 153.75. Watch reactions to the orange support lines. Key will be a move above 154.40.

VIDEO: Review of Friday's London Session Sell on GBPJPY

Forex trade video review, from Friday's London Session. Trade was a sell on the GBPJPY. The video reviews why the trade was taken and why and how "Take Profit" levels were established using Fibonacci Retracement levels, and prior S/R (support and resistance) levels. Discussed are the importance of following your trade plan, and also the importance of taking profit when the opportunity presents itself.

VIDEO: London Session-Watching for range break on the GBPJPY

Wanted to post a quick video before the weekend rolls in. I'm seeing a possible setup for a break below 153 for a sell, outline the reasons why, and look at fibs for a possible first target. (Not on the video is that the 50.0 Fib is at 151.15)

Short term outlook for the GBPJPY

Price is approaching the weekly and daily pivot, which are almost right on top of each other. (159.73-.88) There is also a prior S/R level, between the two, at 159.78. It is already showing some resistance getting up to that area by a bounce off the Psyche level at .50, but keep an eye on PA. If it makes the approach, and breaks through the pivots quite easily, it could be a sign of a fast run back up. If it makes another attempt at the pivots, and is showing some signs of resitance, it could then take a bounce and make a nice retracement. It also could find a range between 159 and the pivots, as it did earlier, at the end of the NY session. Then watch for a break of the range.

The yellow lines on the chart are the S/R levels, I drew that past week and a half, during the uptrend.

GBPJPY and GBPUSD

That was a week run, I decided to B/E on the GBPJPY and closed with 40 after the Cable bounced off the weekly pivot. If you feel comfortable with where your stops are, I think it is still OK to hold. Just watch the USDJPY for direction too. Sometimes it will move before the other 2 pairs. Action should pick up again in the next hour or two.

I spent the day with my kids today, and didn't get much sleep last night. Don't know how much longer I will hang in. Watch the 155.50 and the 1.61, and any reaction off the trendlines. They may push down again. Today is Non Farm Payroll. The biggest news event in Forex, so be careful, UDS crosses and any others, as Risk aversion/appetite can also enter the picture, especially if the actual numbers are off the projected numbers. 520k jobs lost is the expected number.

GBPJPY

Looking at the GBPJPY, it has traded a range of 157 and 155.50 (Psyche levels). A squeeze has formed, not as strong as I'd like see, but it is a clear tightening of the range. I'm going to try and post this quickly, as the moves have happened about this hour, this week, when it normally happens an hour or two later. Once a clear break of the blue consolidation lines has occurred, watch for S/R at 157 and 155.50.

RE: GBPJPY Update

Well, it did decide to range back down to 155.72, and has made a nice 200 pip run up. Even if you were able to only catch a buy on the break of 156.85, one could have grabbed a quick scalp out of that 100 pip move, (and it's still climbing). Pips are pips guys! Be happy with the positive numbers. 20 pips here, 40 there, are quite respectable trades. With the GBPJPY, we all know that once in a while, we will catch the 100, 200, 300 pip moves! They will come. I hope those of you that have been watching my charts, have been able to see the moves forming when I tell you the levels and when to watch for breaks.

GBPJPY Update

So far, I'm not seeing much on the GBPJPY. There is a definite resistance setting up on the 156.85. Could watch for a break above that for a possible scalp with a tight stop, or a possible fall back to 155.72, to form a range. Just keep an eye on the PA. After the wacky 48 hours we just had, I'd be careful and keep trades small until something more definite and clear sets up. I'm thinking about a rebound today, and weakness back in the USD. Have to keep an eye on US equities in overnight trading to see if they are back up.