2026/02/02 GBP/JPY Trade Strategy
Today's GBP/JPY call: Buy.
The daily chart looks like it has formed a pullback and started to rise.
In the near term, there are no more reasons to sell, so I’ll just wait for a pullback and aim for a spot with a good risk-reward ratio.
Even if it drops short term and makes a bearish shift, my basic stance is to wait for another bullish shift.
Review
It turned out to be Scenario C.
I waited for a reversal under Scenario B, but price didn’t reverse and broke straight through Line C.
The trade is a short from circle ① on the retracement that followed.
The retracement was a bit shallow, so the risk-reward is questionable.
Basically this was a short-term dip within a bullish bias, so it’s not a trade you need to force.
Take profit where price bounces after reaching the target. 30 pips
After that, price rose again, so I waited for an opportunity with a bullish bias.
The market context has changed, but with a Scenario B picture in mind you can buy from circle ②.
Take profit where price meets resistance at the recent high. 40 pips
Holding until the next day is also an option, but there is a higher-timeframe key level just above around 213, so you can expect the upward momentum not to be that strong.
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.
