2025/11/10 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

Price is in the 4-hour chart (H4) resistance zone, but for now the bias is to buy.
I’m waiting to see where the pullback forms.

Scenario A

The market context favors buying, but price has risen quite a lot recently, so I can’t really picture it continuing higher with this momentum.
If buying, the target is around 202.5–6.
It would be better for price to dip first and form a pullback.

Scenario B

In the current situation, it’s a bit difficult to narrow down a clear pullback candidate.
The deepest pullback would be around Line C, a shallow one around the blue line below Line A, and although I haven’t drawn a horizontal line there, around 201.8 is also a candidate.
Expectancy is also greater if price dips first and then rises, so it’s fine to just decide to wait until around Line C.

Scenario C

If price breaks below Line C, it will turn into range-bound movement, but the 4-hour chart (H4) is still a continued buy.
Short-term I’ll sell, with a target of around 201.3.

Review

It played out as Scenario A.

Price broke out to the upside without forming any real pullback, so the long entry is at ○1, on the pullback after the breakout.
Take some profit when it reaches the blue line I had set as the target (20 pips), though if you think it will keep rising, it’s fine to hold.
That said, it’s the 4-hour rally high, so it’s probably a spot where closing the position for now is the better call.

After that, price rose further, so using the same logic, go long at ○2.
Take profit where it forms a double top at the next line up. 45 pips