2025/11/20 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

Price has more or less reached its target for now, but it still looks like it wants to go higher.
Rather than rushing in, I’d like to wait until it forms a pullback.

Scenario A

Price already looks close to a break above Line A, but it’s not clear yet.
If it breaks above and Line A looks like it will hold as support, I’ll buy.
Target is around 205.8–206

Scenario B

The pattern where price dips first and forms a pullback.
The candidate for the pullback is the round number 205, near the letter B.
If the pullback goes deeper, it could reach around Line C.
Assuming it then breaks higher, the target is the same as Scenario A.
If it pulls back to around Line C, Line A becomes the target.

Scenario C

If price breaks below Line C, I’ll sell for a day trade.
Target is around 204

Review

It was Scenario A.

Price never broke Line A, and I went long at ○1, where it was turning up (making higher lows) with bullish candles.
Since this was the first breakout, I took profit when it reached the 206 target. 65 pips

The second trade was a long at ○2, where price came back to Line A once more and formed a small double bottom.
Price stalled at the blue line, so I exited, wary of lower highs. 30 pips

After that, once it broke higher, you could buy at ○3 on the support/resistance (S/R) flip.