Tonight I am short GBP/JPY from 132.23 with a SL 132.80 and TP 131.30.
I had sold this pair on Friday because 132.25 resistance is looking solid and I anticipate a correction down to around 131 levels.
As of right now 132.25 still looks to be holding up and 132.50 is where the daily 200EMA comes in. The 4 hour chart based on RSI and candlesticks is showing signs that upward momentum is starting to dissipate. Hourly charts are showing 132.50 trend line resistance as the area that needs to hold and 132.00 support that needs to break in order for a downturn to occur.
the 5, 15 minute charts are extremely choppy, and bouncing between the 132.20-132.00 zone so at this point it's hard to tell if we'll test 132.50 before trying to break below the 132.00 area. A 50 pip trail will apply.
