2025/11/17 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

This market looks tricky to trade just at a glance.
The bigger trend is still up, so I’m basically keeping a bullish bias and waiting for the right timing.

Scenario A

The current range runs from Line A to Line C, but the blue line above Line A is the recent high on the 4-hour chart (H4), so it’s also a resistance zone.
This isn’t a situation where price will keep climbing on technicals alone, so I’d like to wait patiently for a pullback and aim from there.
Target is around 204

Scenario B

This is the scenario where I buy if price holds around Line C.
I won’t buy as soon as it reaches Line C; the idea is to buy once the drop stops and signs of a move up appear.
Target is around 203.9 or 204

Scenario C

If price breaks below Line C, I’ll look to sell down to the range low on the 4-hour chart (H4).
Target is around 202.5–6

Honestly, this isn’t a market I’m very motivated to trade, but I want to pick up small gains wherever I can.

Review

It was Scenario A.

After price broke above Line A, going long anywhere in the red circles where it was finding support would have been fine.
I think there were about two good entry opportunities.
After that, price broke through the 204 target and that level turned into support, so I hold.
Take profit where it formed a double top at the pink line one level higher. 76 pips