Last night I got a bit nervous by the looks of the price action so I put on 30 pip trail. I wish I was able to hedge because a pending buy order around 133.90 would have been great.
Tonight I want to sell GBP/JPY around 133.90 with a TP 133.25-133.35 and SL 134.30-134.40.
I personally feel that if the price can hold below 134.20 then a test of support in the 133.30 region is due based on the pair looking overbought and the 134.00-134.25 area being the main barrier that is keeping the pair from testing 135.00. I would not be surprised if a 133.00-134.00 range is established, ultimately ending in decline in the future.
P/L RESULTS = +60 pips
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