GBPJPY Triangle Trade

GBPJPY H4

Apart from the big daily triangle, GBPJPY is making out another triangle on H4 charts. For big daily triangle see [this].

On H4 charts, price is consolidating near to 100EMA after big drops in GBP. 100EMA comes along with the triangle's lower trendline. A break lower should accelerate down move towards 200EMA which comes around 127.20. 



If price see any bounce from here towards upper trendline, then I will be looking to enter short. Recent PMI news was also not very encouraging, so I am maintaining a overall GBP bearish outlook. I will be looking to sell any rallies in GBPUSD and GBPJPY.