2025/06/23 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

Technically it’s a buy, but momentum has faded and price is stalling.
It’s been stuck in this price zone for about a month now, and it’s still a resistance zone on the daily chart and the 4-hour chart.
I think it’s best to narrow down your entry points carefully.

Scenario A
Buying the dip after a break to the upside, but as I mentioned at the top, this is a price zone to be careful with.
Even after entering, keep your eyes on the chart and be ready to make a quick exit decision.
Target is around 197.5.
Watch out for the recent high around 196.9.

Scenario B
Long from the range low.
Looking for a bounce off the line around 196.2.
That said, the chart looks like it could also rise without coming down to the line.
Target is around 196.9.

Scenario C
If it breaks below 196.2, I’ll consider selling for the time being.
There isn’t much room to run, and the target is around 195.9.
That’s because there’s a high chance it heads back up again from around there.

Review

It was Scenario A.

I went long on the bounce, just as the scenario expected.
After entry I monitored it carefully, but price kept making higher lows and broke through resistance.

It then ran a long way, so I held while trailing my stop-loss level.
I took profit once the turn down (lower highs) became clear on the 15-minute chart. 125 pips.

For the first time in a while, GBP/JPY had the kind of room to run it’s known for.