2026/01/30 GBP/JPY Trade Strategy

Today's GBP/JPY call: Sell.

The price has been moving sideways without clear direction this week, but on a bigger picture, it feels like the lows have been turning up (making higher lows) while support has been firming up.
Looking at the 4-hour chart (H4), it’s not a shape that makes me want to sell.

The 1-hour chart has no sense of direction and is hard to read, while the 15-minute chart (M15) is rising for now.
If it keeps rising, I’ll consider buying, but there’s resistance just above, so it’s a pretty tricky situation to trade.

For Scenario B I’m looking to sell, but from around Line C it’s fine to buy.

It seems best to identify the key level lines and take short trades, buying or selling with those lines at your back.

Review

It was Scenario A.

In the end, price didn’t drop and moved higher instead.
You could go long at either of the red circles as it bounced off Line A.

Take profit when it touches the pink line near the 212 target. 33 pips

It extended one more leg higher, but this is a tricky market, so I don’t think you need to chase it.
If you got greedy and kept holding, you could easily have been caught by a sharp drop and ended up with a breakeven exit…