FOREX DOJO TRADE # 6

Tonight I will sell GBP/JPY @ 129.94(pending) with TP 129.45 and SL 130.44.
My strategy to sell is based on the triangle showing up on the 4 hour chart. I will sell at the top of the triangle in the 129.90-130.00 region with my TP set around the bottom at 129.40-129.50 zone. In addition to this shape the reasons I prefer the bears tonight are:

1. Resistance after 130.00 lies in the 130.30 region where the 100 EMA comes on the 4 hour chart. The EMA should also provide good resistance at those levels.

2. Divergence on the 5 minute charts is pointing to reversal on the intraday swing up which I anticipate to end in the 130.00-130.30 zone