Tonight I plan to sell GBP/JPY on a break of 129.50 with a TP around 128.60 and SL in the 129.80- 130.00 region with a 40-50 pip trail.
The daily chart is showing a cross on the RSI and is facing support in the 129.00 zone which is why the trail is recommended. 128.50 is next support and is worth reaching for in my view. The hourly chart is showing a steady bearish sentiment with the trend line around 129.50 broken and the RSI dragging on the floor.
The shorter time frames are no different, price is well below the 100 EMA on all charts and is either range bound or dropping. I feel better about shorting in the current environment than praying for a bounce.
P/L RESULTS = +65 PIPS
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