2025/04/28 GBP/JPY Trade Strategy

The GBP/JPY trade strategy for 2025/04/28 is to buy.

As I wrote in yesterday’s weekly strategy, this is the moment to judge whether price heads to the top of the expected range on the daily chart or forms a pullback first.
The current price zone is right where a pullback on the 1-hour chart would be, so if price bounces from here, I’d like to buy.
If it breaks below this zone, I’ll take that as a sign of a somewhat deeper pullback.

Scenario A
If price breaks to the upside, I’ll wait for the pullback that follows.
Target is around 192.

Scenario B
Look to go long when price holds firm in the current price zone and rises.
I’ll wait and see a little longer before entering.
I’ll wait for a double bottom or price turning up (making higher lows) on the 15-minute chart (M15).

Scenario C
If price falls, I’ll consider selling for a day trade.
This would be a short aiming to catch the corrective wave on the daily and 4-hour charts.
Target is around 190.

Review

This turned out to be a buy under Scenario B.
Ideally you would have gone long at circle ①, the pullback after the higher lows.
Price lost momentum before reaching the target, so I think exiting around where it started turning down (making lower highs) near the blue line is fine. Around 50 pips.

If you couldn’t buy at circle ①, entering from circle ② or circle ③ is also fine.
The risk-reward ratio is lower, but since you’re entering after the uptrend has become clear, it’s a safer entry. Around 25 pips.