I posted about GBPJPY last Friday.

Basically I was telling this pair is at the key Support level, and the price may be in danger to drop from Weekly Ichimoku.

The price continued to fall, and the candle is under the Weekly Cloud !!

But wait, it is still hanging on at the cliff.

Here is the Daily chart I posted last Friday.

 

(Last Friday Chart)

2015-12-18_17-06-34-GJ3

 

And here is Today’s chart.

2015-12-21_14-26-15-GJ8

 

Yes, the price is still hanging in at Support2!

So what now?

If the price broke this support level, and simply sell from the retest of this support (180.30 ish).

If, on the other hand, you want to buy this pair, then I would suggest the following trigger.

2015-12-21_14-29-17-GJ9

I would use Hourly chart, and wait for the break of 21EMA, then wait for Higher Low, to buy this pair.

 

Hope this setup helps you analyze the Beast.

 

YJ Baik – Forex.Today @ Tokyo

 

 

 

 

3 thoughts on “The Beast still hanging on. Cont (Dec 21)”

  1. Charles Bidner says:

    Hi YJ, love your stuff. Won some, lost some, the losses more about my at times over zealous entries i.e. entering before confirmation of a move. A question if I may, I am well aware of of PP (pivot points), support and resistance 1,2 & 3 on the daily, weekly etc, however the MM, WM, DM 1,2 & 3, what does the “M” represent? Thanks in advance.

    1. YJ Baik - Forex.Today says:

      Hi Charles, I appreciate for your comment. Yeah, please be aware that my setups are not 100%. But we are all learning to reduce the losing trades, by better confirmations (trigger) of the entry.

      Anyway, for your question… “M” stands for Mid Point. In Pivot theory, M1 is the midpoint of S2 and S1, M2 is the midpoint of S2 and Central, M3 is the midpoint of Central and R1, M4 is the midpoint of R1 and R2.

      Hope this helps.

      1. Charles Bidner says:

        Thanks YJ, that answers that, much appreciated. No, not all setups are 100%, we could only wish, but the good news is that we generally learn more from our losses than our wins(or at least I do). Have a fantastic festive season and a HUGE 2016!!!

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