GBPJPY analysis - no trading today...

1 comments Tuesday, March 31, 2009
Just realized that today is:
  • the last day of the month....
  • the last day of 1st quarter of the year.....
Going to stay out the whole day. Quarter-end accounts closing might cause erratic price actions due to profit taking and/or loss cutting activities.

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GBPJPY analysis - bearish shooting star???

0 comments Monday, March 30, 2009


chart h1 at 9 pm Malaysia

A shooting star candle has formed on the hourly chart. Price was rejected by the 61.8% fib level.
Already moved SL to +5; now this is a free trade.
My possible target is 132.80.
UPDATE:
 11.30 pm - went down about 60 pips and reversed
            was stopped out at +5
            will continue tomorrow

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GBPJPY analysis - 136.6x soon???

0 comments


chart h1 at 10 am Malaysia

Looks like the price is going to test the crucial support level at 139.00. Should the level penetrated, 136.6x (which is the 161.8% fib level) might be hit soon.
UPDATE:
  4.00 pm - was away from chart
            136.00 hit 
            done for the day

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GBPJPY analysis - week March 30 outlook

0 comments Saturday, March 28, 2009


weekly and daily chart at market closing

Since the bulls could not sustain the price above 142.00, it seems that the inverse head and shoulder pattern is invalid; and the anticipated trend reversal failed to materialize; at least for now.

Meanwhile, the long wick of the weekly candle indicates that the bears are in temporary control. My immediate target is the bottom of the lower trendline (136.xx).

Should the beast penetrated the lower trendline; then, in my humble opinion, the bearish flag pattern on the weekly chart is validated and there is a possibility that 119.00 would be tested again within a couple of weeks.

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GBPJPY analysis - bearish???

0 comments Friday, March 27, 2009
The bears look strong and trying to push the price back into the war zone. All this while, I doubted the validity of the inverse header & shoulder pattern as the upwards thrust after breaking the 142.00 resistance lacked the required momentum.

Should the pair close below 138.20, the weekly candle would closed as a shooting star; and next week should be a bearish week. However, the bears still have to be break 136.00 in order to gain full control of market.

Sent from a BlackBerry® wireless device via Vodafone-Celcom Mobile.
8 pm Malaysia

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