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Thread: GBP and JPY Pairs

  1. #88546
    Daniel at DailyFX is offline Moderator
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    Quote Originally Posted by Saqib View Post
    Daily, I know it was trading above the pivot but i thought i would take a short based on the technicals i usually use i.e. MACD. Whats your view?
    I see more of a bullish uptrend here. On the Technical side, te MACD indicator is showing signs of bullishness as MACD line is above the signal line, , and the RSI is above 50. It is currently trading in line with the PIVOT so i would be careful here.

    IF we were to move upwards on the PIVOT line, than we could hit 107.39, or perhaps reach Wednesday's (the 11th) high of 107.544. On the other hand, if it moves to the downisde on the PIVOT line, than we could see the pair hitting yesterdays level of 106.637, or even 105.154 (9/6/2013).


    Hope this helps!




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    Last edited by Daniel at DailyFX; 09-13-2013 at 07:56 AM.
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  2. #88547
    Alejandro Zambrano's Avatar
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    GBPUSD
    As long as we trade above 1.5770 then the trend remains bullish as seen below and we should be able to reach 1.5875. A break of 1.5770 will make the short term trend bearish and we should be able to reach the next important support level which is 1.5700.

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  3. #88548
    Alejandro Zambrano's Avatar
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    USDJPY
    Price is bullish as long as we trade above 99 - I am expecting the 99.50 level to hold but if we don't then we will trade lower and find a low closer to 99. A break of 99 would turn the trend bearish. Name:  USDJPY.png
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    EURJPY
    Is trapped in a range between 132.25 and 132.65 and until we get a breakout I see little point of trading EURJPY. A breakout above the upper barrier will take price to 133. While a breakout below the lower barrier should take price to 131.90. As usual check out the video below for a full explanation of this scenario.
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  4. #88549
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    Alejandro Zambrano is online now DailyFX Analyst and Forum Moderator
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    GBPUSD just reached our target - I would look to go long again on a dip on the bad US numbers.
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  5. #88550
    Daniel at DailyFX is offline Moderator
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    Retail Numbers

    Hey Traders,

    Anyone see the the retail numbers? Whats everyone trading?
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  6. #88551
    GqOrlando is offline Member
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    Quote Originally Posted by Alejandro Zambrano View Post
    [SIZE=3][
    USDJPY
    Price is bullish as long as we trade above 99 - I am expecting the 99.50 level to hold but if we don't then we will trade lower and find a low closer to 99. A break of 99 would turn the trend bearish. Name:  USDJPY.png
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    I strongly agree with your levels. First sell was around 100.26 which closed around 99.60 on a trailed stop. I trail stops a lot tighter when counter trend trading.

    Now I see a new short opportunity here pre CSI data. Target is still 98.30 which is the break it or make it level for me: gap close, 50 fib and strong ascending support.

    Bull trend is still intact for the moment

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  7. #88552
    Saqib is offline Member
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    you know what mate check the price now
    Quote Originally Posted by Daniel at DailyFX View Post
    I see more of a bullish uptrend here. On the Technical side, te MACD indicator is showing signs of bullishness as MACD line is above the signal line, , and the RSI is above 50. It is currently trading in line with the PIVOT so i would be careful here.

    IF we were to move upwards on the PIVOT line, than we could hit 107.39, or perhaps reach Wednesday's (the 11th) high of 107.544. On the other hand, if it moves to the downisde on the PIVOT line, than we could see the pair hitting yesterdays level of 106.637, or even 105.154 (9/6/2013).


    Hope this helps!




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  8. #88553
    Alejandro Zambrano's Avatar
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    London session review and outlook September 13 - 2013
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  9. #88554
    akq0 is offline Member
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    keep it simple boyos, GU is testing its bear TL on weekly, imo its goin to collapse pretty hard on 1st attempt, FOMC event volume might trigger that if we dont reach that area before thursday.

    4H TF suggests the usual divergence, theres room for 80-100 pips not much.

    every retail trader is waiting for 1.63~ to go short, its too hard to reach there soon becareful, big hands will unload b4

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  10. #88555
    AceTrader is offline Special Guest Trader
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    Smile AceTrader Sept 16 : Dollar ends mixed ahead of Fed meeting

    Market Review - 15/09/2013 23:16GMT

    Dollar ends mixed ahead of Fed meeting

    The greenback was mixed against other major currencies on Friday, after the release of a slew of disappointing U.S. economic reports as investors turned to the Federal Reserve's upcoming policy meeting next week.

    Versus the Japanese yen, despite an initial rebound to 99.98 in Asian morning, cross-buying of yen pressured price lower in European trading and dollar later weakened further in New York morning after release of a slew of disappointing U.S. economic reports, price fell to sessions low of 99.19 in New York afternoon.

    U.S. retail sales rose 0.2 percent in August, lower than street forecast for a 0.4 percent increase, after an upwardly revised 0.4 percent gain the previous month, while core retail sales, excluding automobiles, rose 0.1 percent last month, also less than forecast for a 0.3 percent gain, after an upwardly revised 0.6 percent increase in July. Later, the preliminary September consumer sentiment reading from the University of Michigan dropped to 76.8 from previous reading of 82.1 as lenders have hiked mortgage and other interest rates sharply this summer in anticipation of a pullback by the Federal Reserve of one of its major stimulus programs.

    The single currency went through a roller-coaster session versus U.S. dollar on Friday. Although the pair came under selling pressre at Asian open on Japanese business daily Nikkei report that former U.S. treasury secretary Lawrence Summers (1999-2001) would likely be named as the next Federal Reserve Chief after the FOMC's Sept.17-18 meeting, market perceived Summers as less dovish than the other leading contender Janet Yellen. Ben Bernanke's term as Fed chairman will end in January, 2014.

    Euro fell to 1.3264 ahead of European open and then rebounded to 1.3322 in New York morning after the release of weaker-than-expected U.S. retail sales, however, renewed active cross-selling of euro versus yen and the pound pressured knocked price lower and the single currency briefly penetrated Thursday's low of 1.3256 to 1.3254 but only to climb back above 1.3310 in New York afternoon session.

    Eur/jpy tanked from intra-day high of 132.65 and dropped marginally below Thursday's low at 131.72 to 131.66 in New York morning, whilst eur/gbp tumbled to a fresh 7-month trough at 0.8357 before recovering.

    The British pound extended recent upmove Friday and ralled after finding renewed buying at 1.5776 ahead of European open as hopes for the Bank of England to raise interest rates sooner than expected continued to support sterling. Dollar's broad-based weakness after the release of a slew of disappointing U.S. consumer data pushed cable above Thursday's high of 1.5840 and the pair later climbed to a fresh 7-month peak at 1.5885 in New York afternoon.

    In the other news, Japan government upgraded economic assessment in September, said 'economy headed toward gradual recovery; upgrades capital expenditure, signs of recovery can be seen in services sector; downgrades assessment of consumer spending and exports; maintains view that end of deflation is approaching.'

    Data to be released next week :

    Monday: U.K. Rightmove house price, Italy trade balance, current account, EU CPI, Canada existing home sales, U.S. empire state manufacturing, industrial production, Capacity utilization. Japan financial market is closed due to public holiday.

    Tuesday: Australia RBA September minutes, EU current account, economic sentiment, trade balance, U.K. PPI, RPI, CPI, ONS house price, Germany economic sentiment, current condition, U.S. CPI, retail sales, Net LT TIC flows, NAHB housing market index.

    Wednesday: Australia leading index, U.K. BOE MPC minutes, Swiss Zew index, U.S. rate decision, housing starts, building permits

    Thursday: New Zealand GDP, Japan trade balance, import, export, all industry index, leading index, U.K. retail sales, CBI industrial trend, Canada wholesale sales, U.S. jobless claim, current account, Philadelphia Fed survey, existing homes sales, leading indicators. China financial market will be close due to public holiday.

    Friday: U.K. PSNCR, public sector net borrowing, EU consumer confidence, Canada CPI. China financial markets will be close due to public holiday.

  11. #88556
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    USD/JPY

    Looking for 98.00 first target. Perhaps lower targets to come 96.00 and 93.00. Marked out with the rising trendlines starting Green, Yellow, Red.
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  12. #88557
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    The USDJPY experienced a noticeable gap down in the weekend. We simply skipped the 99 levl and hit the lows of 98.50.

    This is a very big week and we do expect very big moves.

    Focusing on the pair today a correction to the daily R1 may be expected before a move to the daily S3.

    A bullish move above the daily R2 invalidates this bullish outlook.
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  13. #88558
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    Our preference: Short positions below 99.35 with targets @ 98.7 & 98.5 in extension.

    Alternative scenario: Above 99.35 look for further upside with 99.55 & 99.95 as targets.

    Comment: the pair remains on the downside and is challenging its support.

    Key levels
    99.95
    99.55
    99.35
    98.831 last
    98.7
    98.5
    98.2

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  14. #88559
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    Our preference: Long positions above 1.588 with targets @ 1.597 & 1.6035 in extension.

    Alternative scenario: Below 1.588 look for further downside with 1.583 & 1.577 as targets.

    Comment: the pair stands above its new support and remains on the upside.

    Key levels
    1.6125
    1.6035
    1.597
    1.5946 last
    1.588
    1.583
    1.577

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  15. #88560
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    Key levels this week on the USDJPY pair -

    The 100.5 a historical resistive level and the 97.0 level.

    Currently the pair is trading under the weekly S1 with a potential possibility of testing the weekly S2.

    A close outside any of the 2 key levels may cause an accelerated move in the direction of the breakout.

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