I think the GBP/JPY is ready for a pullback - it has been on a savage climb for a long time now, and I think we could see a fall as far down as 221.50 and then, if that level is broken, I think we could see 220.50.
We're bucking the trend on this one, but every impulse has a correction. Every trend has a pullback. Every thing has another thing that is an opposite thing to the first thing.
I'm in the trade now and keeping a stop at 222.50. I am going to hold on for 220.50, and only move my stop to break even if we can get down to 221.50 or so.
