I watched GBP/JPY rally last night immediately after I posted and determined that my stop was going to be triggered. I did what I hate to do and moved it 15 pips up to 134.30 and walked away. It turned out to be a lucky move but I'm not proud of it. I should have sold closer to 134.00 and left more room for error with a better profit ratio. In the end I walked away with 50 pips profit.
Tonight I want to sell GBP/JPY close to 133.00 with a TP 132.30-132.40 and SL 133.40-133.50.
The sell off last night was triggered as I expected when 134.00 could not be held by the bulls. The break of 133.00 is a bearish signal on the 4 hour and 1 hour charts with next trend line support around 132.50 and then 132.00. The 100EMA is breached on the hourly but is still supportive on the 4 hour also around 132.00. RSI is looking a little heavy.
The shorter time frames are very mildly bullish but generally range bound between 133.00 and 132. 60. 133.20 is key resistance short term if 133.00 is taken in the coming minutes. 133.10 might be good spot to place an entry with a 50 pip SL from the looks of it as I write.
P/L RESULTS = +70pips
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