Pound Sterling vs Japanese Yen (GBPJPY)

[jacobfx]

The Pound has advanced on firm footing during the last couple of hours, trimming losses against the Greenback and extending gains versus the Euro.

GBP/USD had fallen to a session low of 1.6263 where it rebounded, having recovered 60 pips since the Wall Street opening. Cable has managed to regain the 1.6300 mark and at time of writing it is quoting at the 1.6315/20 area, virtually unchanged on the day, after it gained over 1.1% on Thursday. GBP/USD is on track for its best weekly performance since last May.

The Sterling is outperforming the Euro on Friday after 2 days of losses, as even though the new bailout agreement for Greece relief the pressure over the shared currency, contagion fears persist. EUR/GBP touched a fresh day's low at 0.8796 in recent trade and currently is trading barely above 0.8800, 0.34% lower since opening.

Source: http://www.fxcc.com

[kiwisteve]

Do you see a retest of the 185.00 level?
Kiwi

[Charming Trader]

Source: http://dailyfx.com

GBP/JPY
GBP/JPY 19 September 2008
Price Technical Significance

200.35(W) Daily High Aug 29
199.35(M) Hourly High, Aug 29
198.45(M) Hourly Bounce Aug 29
197.65(M) Daily Low Aug 29
Flat AT 196.50
195.20(M) Hourly Low, Sep 19
192.50(M) Hourly Low, Sep 19
191.40(M) Hourly Low Sep 19
189.70(M) Hourly Low, Sep 18
Stop: /Target:


Strategy: Buy@193.00 Profits booked for 420 points on long trade. A base is now being confirmed with the break back above 196.50 and will look to buy dips. (JK) 18:52
end

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They are thinking buy on a dip...... If I were not in this already on the left side of the hedge. I think this would be a great place to sell on a fail of 198.50
On the monthly chart there should be some resistance there, also the bollinger band crossed the market. This may point to an over bought market from the correction. This would be a good explaination for the High for the weeks closing, it was a temp correction. Follow open market closing to see the direction of the market.

[Charming Trader]

If it goes up even 25 pips... It should continue in the up move...


Marked at 196.50

[Charming Trader]

I see this board has yet to find it's place on I-Hub...


You are right,, daily swings Here is a weekend update. I am thinking the best idea is a hedging entry order...

[wasatch]

what broker do you recommend for this pair ? most have a very large spread, do you know of any that are reasonable ?

[digitick]

This book is a good starting place:

http://www.amazon.com/Profiting-Forex-John-Jagerson/dp/0071464654/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1207575309&sr=8-1

[Fallen Gem]

I am new the currency trading and to this board. I would like someone to recommend a book for me as a beginner to learn about this market. Thank you for any help.

[digitick]

I've been in on a short since about 8:50EST this morning. Current Stop Loss is guaranteeing 135 pips. Looking for more by end of the work day (another 2 hours, or so)...

Anyone else ridin' the beast currently?

[TexasRedGT]

The Beast has nme restocking the powdwer keg....a rough ride she is!

glty
Tex

[digitick]

The Beast is interesting...the Beast is dangerous! I've only been toying with a practice account, and hadn't even looked at GBP/JPY. It's a crazy animal. I'm intrigued to look at it more!

[Dr Wonderful]

Long at 204? Might be almost time for reversal!

[Dr Wonderful]

Welcome to The Beast!

I am Dr. Wonderful and have been trading Forex for several years, and am ready to tackle this monster.

I do need an assistant mod to help me update charts in the Ibox...

We need experienced GBP/JPY traders as well...