Sell stop @ 154.155

Dragon Riders GBP/JPY

With this latest move down could be the end of Wave 5 from the weekly high of 195.26. Time will tell if we see an A-B-C correction wave targeting 175.66 or 180.29.

Dragon Riders GBP/JPY

I'm still biased short on this pair although I am mindful of some mini corrections especially come this Friday. My ultimate target is still going to be 157.15. We'll see.

Dragon Riders GBP/JPY

Is this what you're seeing for your long? image

Dragon Riders GBP/JPY

Decisions, decisions..... image Bottom line of this bear flag range is now at 161.95....if it holds, I think it will peak at 164.00 which is the previous low/present resistance in daily and also the 55ema in hourly. I'm still targeting ...

Dragon Riders GBP/JPY

Maybe one more climb to 163.63 then range for a while, then hopefully down. The BoJ is getting a little desperate but it will be over soon. I think we might be looking at 106.xx for U/J then up but time will tell.

Dragon Riders GBP/JPY

We'll give it a rest and settle down. I don't think this will make a significant impact. The BoJ might have money to stall its appreciation, but the rest of the market has MORE money to direct the fair price of any currency or stock. Still holding ...

Dragon Riders GBP/JPY

When U/J reaches 110, watch carefully what it will do since it will impact G/J. Also, keep your eyes and ears open for BoJ intervention.

Dragon Riders GBP/JPY

Never try to stop a freight train with your car. Just wait and ride the trend.

Dragon Riders GBP/JPY

If I'm not mistaken, don't forget that we might be in the middle of wave 5 which could end between 157.15-163.96. If this breaks 174.98, then wave A correction has started (and I don't believe so). We'll see, time will tell.

Dragon Riders GBP/JPY

If that's the true trend then it has been broken to the upside, correct? Shouldn't you wait for the break to take the steak?

Dragon Riders GBP/JPY

Don't get me wrong. I'm actually long with a TP of 168.15 which is the 38.2 level of wave 4. Then I anticipate it will resume it's downtrend from there.

Dragon Riders GBP/JPY

You just spread the idea that this will "rise up to the sky!" Did you just contradict yourself?

Dragon Riders GBP/JPY

What is your TP? Do you have some charts/analysis to share with us? Thanks.

Dragon Riders GBP/JPY

How's this for a wave 5 finish?: 157.15 which is 1.618 of wave 4 The bump we just experienced just hit the daily pivot of 166.86 and going down.....and I hope it keeps going down.

Dragon Riders GBP/JPY

It's true that 2016 is a breaking point for western markets which will impact everything and everyone due to years of cheap money going around the system. Banks all over are talking about negative interest rates....most of the trusting (or ignorant) ...

Dragon Riders GBP/JPY

I don't know about 130......maybe by next year. If or when wave 5 ends, corrective wave A ends.

Dragon Riders GBP/JPY

From here, prices could just jerk for a while, re-testing 173.45 until it decides to complete wave 5 which is still unknown. I'd be very careful how it will behave this week.

Dragon Riders GBP/JPY

Thanks, Geppy. Very valuable analysis from one of the few traders who really know what to look for. I agree, that this is worth sitting on the sidelines and watching. However, I am still looking south over the next weeks with lower highs and lower ...

Dragon Riders GBP/JPY

We are in the trickiest wave 5 which started on Feb 2 (which started at the 38.2% level of wave 3 (173.45) but hit Ray's ol' level of 174.10. Tricky, since wave 5 might 1) follow the same length as wave 1 which is 1579 pips, 2) 38.2, 50, or 61.8 of ...

Dragon Riders GBP/JPY