2026/10/29 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

It’s a tricky ranging market, but the lows are firming up and it feels like things could turn into an upward move.
If price comes down to around C, the range low, it becomes easier to get involved, but I think there’s also a chance it starts rising from around B. In that case, I’ll have to weigh that against how far it might hold up if it drops again.

For now it’s been falling in the short term too, so I’m thinking I’ll wait and see until the European session.

Review

It played out as Scenario B.

Price didn’t drop as far as Line C and instead bounced off the blue line one level above it.
After the bounce off the blue line made a high, I went long on the pullback.

Just to be safe, I avoided the data release at 9:30 pm JST (12:30 UTC) and closed out a little before it. 43 pips
Price had also stalled at the recent high, so it was a good spot for profit-taking anyway.