2025/04/24 GBP/JPY Trade Strategy
The GBP/JPY trade strategy for 2025/04/24 is to buy.
On the current chart, price is sitting right at a buying-the-dip point.
If it holds above this level and turns back up, I’d like to buy.
However, price is currently moving in waves and turning down (making lower highs), so I’ll wait a bit longer and go long with Scenario B if it looks like it’s finding solid support.
The target is around 190.6.
If price breaks below the current price zone, I’ll sell with Scenario C.
This is a sell aimed at the corrective wave, so the target is 188.8.
Price may start rising again from around 188.8, so from there I’ll consider going long again.
At that point, the trade strategy will also need to be updated.
Review
It was a day of simply buying in line with Scenario B.
Price dipped slightly below the line at one point, so some people may have considered selling, but looking at the 1-hour chart (H1), it’s nothing but a buy.
This line is also a key level on the daily chart, so the long entry comes around the red circle, where we get higher highs and higher lows.
After that, price breaks the low slightly, but it doesn’t break below the recent low, so it’s a hold.
The reasoning behind this is the view that, based on the higher timeframe environment, 189.5 would act as strong support.
Profit-taking was set as a limit order at the recent high. 75pips
That said, holding and adding to the position on the next pullback is also a perfectly fine strategy.
This article reflects the author's personal view of the market. It does not recommend any specific trade; all investment decisions are your own responsibility.
