GBP/JPY Daily Chart: Reverse or Extent?

I drew trendlines on GBP/JPY Daily chart just now and got this as a result. I also tried to count the movement from the bottom and added 30 and 50 EMA to visualize the trend. 30 EMA has been above 50 EMA since March and I count 5 significant waves. For now, the pair formed double top with support at current low and 'wave 4' low. The selling point should be below the first support with target at the next support (wave 4 low). Or, buy the pair now with risk below the first support and target the upper channel or even the 161.8 extension of wave 3 and 4 Which one? Buy? Sell?? As for me, I would like to see the pair breaks that support and fall :) Well, lets wait and see! Bye..!

MA Candle Indicator

Here is an indicator for you who use MA crossover. The indicator shows red color if the slow MA cross down fast MA and blue color if it is otherwise. The color setting can be change as well as the width. Default setting is MA 12 and MA 26. I got this indicator from the metatrader yahoo group. Okay, feel free to download below. Bye guys!

DOWNLOAD HERE

GBPJPY Weekly Chart: Bounced & Close Below 30 EMA

Since my last post, the pair has reached as high as 162.58 before going down again to 154.05, which gave support for the pair. However, after sideways for the last 3 weeks, it went down for 1,000 pips this week. The pair also closed below 30 EMA, meaning that more down should be anticipated for the following week. The pair almost touch 38.2% retracement of 118.80 (low) to 162.58 (high) at 145.86. The target remains the same which is the 50% retracement at 140.69 area. That's all, have nice weekend. Take care..

GBPJPY Weekly Chart: Bounce Off 50 EMA Resistance

The retracement from 118.80 may come to an end as the pair has touch 50 EMA on weekly chart, or 38.2% retracement of 215.85 to 118.80 with 'high' at 160.45. Potential target for short is the 50% retracement of the retracement at 139.63 and may extend to test the 118.80 'low'.