The current rally in EUR: JPY has the potential to be the 5th and final swing in a large rising wedge formation.
The height of this formation provides reward: risk scope for swing traders to sell if there is another rejection of the wedge resistance.
The blue trend lines on the 4 hour chart below form the wedge formation i.e. rising but converging lines.
The classic wedge formation consists of 5 swings. This chart will tick the box if the current rally stops at the blue resistance line again.
In this situation, one approach to trading strategy is to short if there is another peak at the trend line. A standard approach to the initial stop loss would be just above the final peak at the trend line.
The dashed support line at the bottom of the wedge could be used as an initial profit objective. This could be modified depending on the structure of any downtrend that began at the top of the wedge.