2025/04/02 GBP/JPY Trade Strategy

The GBP/JPY trade strategy for 2025/04/02 is to buy.
The daily chart looks like it’s forming a pullback.
However, conditions aren’t yet in place for a full-fledged rally.
Stay cautious until price breaks above 194 yen.
From a near-term day trading perspective, the bias is to buy.
Today’s trade strategy is as follows.

Scenario A
Buying the dip after price breaks above the recent high as part of the upward move.
In this case it depends on where the pullback forms after the breakout, but up to 194 yen is a resistance zone, so I don’t think it’s necessary to aggressively go after this one.

Scenario B
Aiming for a rise from around the current price zone.
Keeping an eye on the recent high at 193.8, the target is around 194.

Scenario C
The pattern where the bigger trend continues to the downside.
I’ll look to sell the retracement.
The target is around 192.5.

Review

Not many opportunities today.
At ○1, you can go long under Scenario B.
However, price fails to break above the recent high of 193.8 and drops back into the range.
Given the market context, a decline was also quite possible, so

• exit with a small profit at that point, or

• take a breakeven exit on the drop after price makes another push higher

Either way, I think you would have avoided getting hurt.

The rally after that offered no pullback to buy the dip.