That is also a valid scenario. Time will tell. However, I don't think that BOJ will let the yen strengthen that much. I expect a big decisive move just before the UK election regardless of who wins.

Dragon Riders GBP/JPY

We'll see what happens. I also see a H/S formation on the 1hour. The 4hr/daily shows an inverted H/S which means this maybe going up in the long term. However, I think (or hope) that this re-tests the 175.7 level first before going up to the moon.

Dragon Riders GBP/JPY

Ok, got it. I see another inverted H/S on the daily with the right shoulder at 179ish.

Dragon Riders GBP/JPY

What do you mean?

Dragon Riders GBP/JPY

A good example why the news don't matter. The market will do what it wants to do regardless of what some bureaucrat says. This has a chance to hit 179.0 today.

Dragon Riders GBP/JPY

Or this could be a fake pump. There's a lot of resistance at the moment at this level. The previous hour, price bounced off the daily pivot of 177.43 which is also the bottom of an old trend line.

Dragon Riders GBP/JPY

Based on your chart, do you expect this to hit 174.3 from here?

Dragon Riders GBP/JPY

THAT makes more sense. I mentioned to FX-Ray a while back that all GBP pairs tend to reverse at the 76.4% level.

Dragon Riders GBP/JPY

To reach R3 (178.5) in a single day is quite telling. I'm shorting at R2 (177.88) with a quick SL at BE if it falls since 1hr and 4hr are approaching overbought levels.

Dragon Riders GBP/JPY

I'm still expecting a re-test of 175.70/80 but my bias is still up based on the daily chart.

Dragon Riders GBP/JPY

Right now it might be consolidating between 176.6 - 175.7. Bias is to the upside but looks like there's selling at the top range while the bottom will be retested. I'm also following the daily PPs on this and it shows the range between M3 and M2.

Dragon Riders GBP/JPY

There is a good chance this will revisit the 175.7 area and I hope it does so I can load up on longs.

Dragon Riders GBP/JPY

True......or it could also be an area of consolidation before a big move. Remember also that this latest move down is consistent with a Wave 5 pattern that started at 179.35+ on April 7. We'll wait and see. It would've been a nice 100 pip now but ...

Dragon Riders GBP/JPY

1 hr.

Dragon Riders GBP/JPY

Thanks Hickson for bringing this up. Thanks DP for respecting the rules. Perhaps you should open up a Ruble thread for those interested. Anyway, geppy hit another one of FX-rays DP at 175.69 (I had a big buy limit at 175.7 but didn't get filled for ...

Dragon Riders GBP/JPY

Calm down, you're scaring all the fish away. If this level holds 174.9 - 175.0 then it should go up to the 180s.....maybe 185s but it will not happen today, tomorrow, nor next week. Like FX-ray and a whole lot of traders here say: Patience is the ...

Dragon Riders GBP/JPY

We are here at the moment.... If this gets taken out (177.49), then we're looking at 175.5. Otherwise, I'm still hoping we reach 179.90

Dragon Riders GBP/JPY

Any of you paying attention to this bear flag? We might revisit the 177.90/80 area again....

Dragon Riders GBP/JPY

Just take it and run. Sometimes, the brokerage "manipulates" chart ticks on their behalf (e.g. hunt for stop losses). This is one good illustration of that happening. Don't even say anything. Let them figure it out.

Dragon Riders GBP/JPY

To the moon! I hope it goes to 178.90 - 179.00 for a big sell order. On the daily chart, it could hit 179.80-90 which should coincide with the 200EMA. We'll wait and see.

Dragon Riders GBP/JPY