Tonight I am short GBP/JPY @ 132.75 with a TP 131.90 and SL 132.25.
So far this year GBP/JPY has been bullish but 133 looks to be a tough level to top. It has been tried twice and a failure on both attempts. The daily charts are showing signs of topping out and the fact that we are not above 133.00 should bring about some selling and if the price breaks 132.50, then 132.00 should not be far off. The 4 hour chart is is also looking good fwith the RSI looking heavy and 132.50 very near by. 1 hour chart is showing good signs of divergence and all is needed is a hold below 132.90 for things to get interesting.
The minute charts are showing a 132.50-132.80 range which are the exact parameters that need to be broken for any move to gain strength. A 50 pip trail will be used since this is esentially a counter trend trade.
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