2025/04/15 GBP/JPY Trade Strategy

The GBP/JPY trade strategy for 2025/04/15 is to buy.
The daily chart is still in a downtrend, and until price breaks above the 4-hour chart (H4) rally high around 189.5, the overall market context remains bearish.
From a day-trading perspective, price has moved into a range after yesterday’s rise.
So the basic plan is to target a continuation of the upward move from the range low.
The range high is also near the 4-hour chart (H4) high, so watch out for a pattern where price turns down from there.

Scenario A
A break above the current range is a buy, but a sharp rally forming a trend in one go seems a bit unlikely.
If buying, I think it’s better to wait for a proper pullback to form before entering.
Target around 189.5

Scenario B
A long from the current range low.
I think this is the more ideal setup.
Target is also around 189.5.
The plan is to go long after confirming higher lows from the range low.

Scenario C
If price breaks below 188.2, I think a bearish bias is fine.
If we ride the downtrend on the daily chart and the 4-hour chart (H4), the target is around 186.2.
However, at the day-trading level, around 187.3 is the nearest target.

Review

Price did what it often does at a price zone that’s a key level on the daily chart.
It was indecisive, and it felt like everyone was in wait-and-see mode.

In theory, a long was possible at the red circle.
On the 5-minute chart (M5), there were also signs of a rise after turning up (making higher lows).
However, price had just formed a double top, and the higher timeframe was pointing down, so no trade was the right call.