GBPJPY/EURJPY - JPY cross pairs - new perspectives in makin money

Hello!

Ok, here they are - Jpy pairs!

First I want to post here total review in images by my fellow trader - Eduard

Please use these links to view images

GBPJPY D1 chart

GBPJPY H4 chart

GBPJPY H1 chart

GBPJPY M30 chart

GBPJPY M5 chart

Ok, know some comments.

At the D1 chart you can see descending movement, that now have formed 3 wave pattern - it may be just a correction to previous ascendin movement, of the beginnin of the new D1 impulse. Anyway, as you can see at the picture, the 3rd wave (or C) has only 3 subwaves right now, so we have to make 2 more anyway, so long terms targets are lower.

H4 and H1 charts are clear enough - the are just closer images of D1.

Now take a look at the M30. You can see that Eduard has marked out the flat borders. And then the price has broke the lower border and managed to fix under it and as a result - it went down in the new wave - probably the 5th.

Now I want to say some words about EURJPY.

The 1st chart is D1.



As you can see at this picture, we probably have there a flat correction (it is pretty obvious at this TF). Bold magenta fibo grid is a grid on the whole ascendin impulse wave on monthly chart. I have marked out with rectangles some places where this fibo has been a good support.
Also mention that the prise didnt manage to breakdown 11.8% level for 3 times - breakin of this level will be the main signal for further powerful descendin movement.
At the next picture you can see that price has been pretty close to this level.

Take a look



It seems, that we have started a new bearish impulse at this TF - the 1st and the 2nd waves seem to be finished, and now i am waiting for the powerful 3rd wave.

Now H1 chart



Here i have marked out with a rectangle flat borders - you can see that price has managed to break through the top border only in one place, and, because it didn't manage to fix itself under, it was a false breakup. I marked out this moment with gold ellipse, because here you can also see a false breakup of the 233 MA (and we have to keep in mind, that this line is usually can provide us with useful prompts, as any other support/resistance level).

So at the end you probably mentioned that these 2 pairs have a lot of similar moments in their behavior (at last they are allies, like, e. g. GBPUSD and EURUSD).
I use JPY cross pairs when i am working at the Asian session from 0:00 to 9:00 GMT. I also use USDJPY, CADJPY and AUDJPY, but i trade onlt GBPJPY, as it has greater volatility. Other pairs help me to define the main movement on GBPJPY.

For now i'm finished - I will post more comments and analyses later.

Best Regards and good trading to you!
Anthony Schneider.