2025/11/03 GBP/JPY Trade Strategy

Today's GBP/JPY call: Sell.

Both the daily chart and the 4-hour chart are sitting at awkward, in-between levels, so this looks like a tough one to trade.
At times like this, it’s best to leave it alone until price reaches a key level on a higher timeframe and look at other currencies instead.

Scenario A

If you really want to be active with a day trade, I think it’s fine to aim for a buy after price breaks above Line A.
This is a long based on the picture of the 4-hour chart turning up (making higher lows) and moving higher.
Target: 203.1

Scenario B

Again, this is only if you really want to trade it, but
on the 1-hour waves, I can picture a move lower with the area around Line A acting as the ceiling.
If price fails to break above Line A and starts turning down (making lower highs), I’ll look to go short.
Target: 202.1 to around the recent low of 201.9

Scenario C

If price breaks below Line C, I’d have to assume a drop, at least for now.
The target is the same as Scenario B, but I’d like to aim for around 201.7.

Review

It was Scenario B.

Price broke above the high once, but then dropped again, and the short comes from the red circle on the retracement after that.
Take profit is where price turns up from the blue line. 32 pips