2026/01/28 GBP/JPY Trade Strategy
Today's GBP/JPY call: Buy.
The daily chart and 4-hour chart are both bearish, but the decline has stalled, so for day trading I have a bullish bias.
I’m aiming for the neckline of the double bottom that looks like it’s forming on the 4-hour chart.
Whether it rises from here after a shallow pullback or pulls back to around C before rising, it’s a range, so I want to avoid rushing in, wait for the right timing, and get a good risk-reward ratio.
Review
It played out as Scenario C.
Price briefly broke above Line A, putting us in a waiting-for-a-pullback situation, but it never formed a setup worth buying into and then broke below Line C.
I went short at circle ①, on the retracement that followed.
It didn’t reach the target, so I closed out when price bounced off the pink line at the recent low’s price zone. 36 pips
After that it surged, but circle ②, where it formed a pullback at Line A, was also a fine place to buy.
This article reflects the author's personal view of the market. It does not recommend any specific trade; all investment decisions are your own responsibility.
