2025/04/29 GBP/JPY Trade Strategy

The GBP/JPY trade strategy for 2025/04/29: buy

On this chart, the area around the pink line a little earlier was the buying opportunity.
Overall it’s still a buy, but the room to run has been narrowing and momentum is fading.
If you enter, you’ll want to time it carefully.

Scenario A
Looking to go long by waiting for a pullback after a new high.
If you’re going long, this is the most ideal setup right now.
Since momentum is fading, the target is around 191.4.

Scenario B
If price keeps falling from here, it becomes a situation where it failed to make a new high and is coming down.
To buy in Scenario B, it’s best to wait patiently for the right timing.
Specifically, wait for a bullish shift on the lower timeframe before entering.

Scenario C
I see today’s last line of defense as the blue line around 190.6.
Until price breaks below it, I’ll keep waiting for buying opportunities.
If it breaks below the blue line, a correction becomes possible, so I’ll look to sell.
The target is around 190.

Review

The first half played out as Scenario B, so ideally you’d buy around ◯1, where price was turning up (making higher lows) off the line.
However, it didn’t follow through and dropped right back, so it would end up as a breakeven exit or a small loss.

After that, price fell and the bias turned bearish.
The best trade was a short from ◯2, on the retracement after the break below the line I had in mind for Scenario C.
This was during the late-night hours, so another option would be to watch the drop after entry, set a limit at the pink line around 190.3, and go to bed.
In that case, price didn’t reach the limit and came back, so it would be a breakeven exit.
If you were watching the chart, take profit where price failed to make a new low and turned up. About 30 pips.