From here, there is a lot of room to fall in uncharted territory.

Will break lower and dive? Or recover from here? A lot depends on Bernanke.

GBPJPY – The cross remains biased to the upside on a corrective recovery breaking and closing slightly above the 134.01 level, its May 11’2011 high on Tuesday.

Guest post by Gregor Horvat

Guest post by www.fxtechstrategy.com

This list continues the recent list of 5 most predictable pairs, which offer much better conditions. But we’re here to discuss the bad ones. Here goes:

• James Chen provides an Elliott Wave analysis of the US Dollar Index – is it ready to reverse?
• Adam Kritzer states that the forex market looks to interest rates for guidance. That doesn’t favor the greenback.
• Cardiff Garcia, at Alphaville, discusses the meaning of the good news about the drop in jobless claims for the dollar.
• Kathy Lien brings 5 factors driving the US dollar higher.
• Lior Cohen discusses if gold is a safe haven investment in comparison with the S&P.
• Jay Norris discusses if the “dragon” – GBP/JPY, is about to awaken.
• Andriy Miraru discusses a classical technical indicator based on price and volatility.
• Casey Stubbs teaches how you can add to your trade.
• James Woodley says that charting tools are also very important when choosing a forex broker.
• Francesc Riverola shows that 3000 people already voted in FXStreet’s forex best awards. Forex Crunch is nominated in 2 categories. I’ll be grateful if you could vote for me here - check out the yellow bar at the top.
• Michael Greenberg reports that US broker FXCM has been slapped with a class action suit over claims of fraud and racketeering.
• Arnaud Jeulin provides forex global statistics for January 2011. He shows an overall growth of 31%. Forex Crunch enjoyed a 150% growth. Thanks everybody!

Here are some long term articles published on Forex Crunch this week:

1. USD/JPY – Not only does it criss cross through clear lines, the BOJ also contributes to the mess with interventions.
2. NZD/USD – this rather stable pair does not respect support and resistance lines – it criss crosses.
3. USD/CAD – used to trade in near-perfect ranges, but as it didn’t move too much in the past year, the moves inside the ranges became too choopy.
4. GBP/JPY – The “dragon” – the most cross, is loved by risk-seeking traders as it makes hundreds of pips. It still makes hundreds of pips, but tends to choppiness.
5. EUR/USD – the most popular pair in the world used to be a rather predictable pair, but the tables have turned, and its now much harder to analyze.

This follows up on a list of the 5 most predictable pairs published recently, and a similar list of unpredictable pairs made in April 2009.

The governor of the BOJ, Masaaki Shirakawa, shortened his visit in Jackson Hole, where he met other central bankers, and returned swiftly to Japan. At 00:00 GMT, or 9:00 Japanese time, the BOJ is meeting for an emergency meeting. It happens as the week begins in Japan, and very early for JPY crosses in other places in the world: