FX:GBPJPY   British Pound/Japanese Yen
Sell the rally, but where to sell?

The big blue 504 period EMA represents the Daily 21 EMA on this hourly chart, and as you can see we had 2 nice bounces off of it.

I have marked up the 618 fib of the double top so if you were a bear you could short from 132.937 as a 2618 trade with an initial target of 132.477 or roughly 45 pips. The rest is up to your trade management but this target would mean a break of the upwards trendline that has been in place sine the 22nd August and a potential reversal for longer term trend continuation.

If you're bullish on this pair then you might want to see a break of the previous highs and the Daily 21 EMA , then a retest of structure before going long with a target of 134.470 or roughly 117 pips.

Or you could trade them both? What do you think?
Trade closed: target reached: As expected, price wicked through the 618 fib to sell stop us into the trade, and we took profit 44 pips later back down at the 132.500 psych level and previous S/R.

We have then bounced and broken and closed above the Daily 21 EMA, which to me signals further bullish activity on this pair up to the 134.400 level.

Good luck!
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