2025/04/21 GBP/JPY Trade Strategy

The GBP/JPY trade strategy for 2025/04/21 is to wait and see.
It’s Easter Monday, but during the Tokyo session spreads are normal and the chart is moving.
However, most of Europe is on holiday, so be careful if you trade.
I think it’s fine to wait and see until the New York session.

Technically, the key point is whether the downtrend on the daily chart continues.
If it drops as in Scenario C, I’d like to sell.
In that case, the target is around 187.3.

I have a bearish bias with 188.8 as the upper limit, but if price breaks above that, I see it as a buy for day trading.
However, if it rises to 189.5, a level that has been watched all along, I’ll take profit.
As long as it doesn’t break above 189.5, the overall downtrend remains intact.

Review

It was the Scenario B sell after the New York session started.
Getting short at either of the red circles would be fine.

The first red circle is a short from a double top with lower highs, after price reacted at the line I was using as a guide.
The second red circle is a short from the retracement after the lows also turned down, making a further drop more likely.
On a day-trading level it’s a range, so taking profit when price reaches the green line is also OK. 40–50 pips