2026/02/19 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

Yesterday’s rise took the price up to a price zone where selling the rally on the 4-hour chart is likely to come in, and momentum is now fading.
The 15-minute chart (M15) is showing signs of another move up, so I’d like to aim for a pullback.
The near-term target is probably the blue line at 208.9.
The daily chart and 4-hour chart are both sell setups, so I need to watch out for changes in the market context.

Review

It was Scenario B.

Went long on the bounce off the blue line after the bullish shift.
It didn’t reach the target, so I took profit where it started turning down (making lower highs). 35 pips

This price zone is near the top of the 4-hour chart (H4) range.
The blue circle, the retracement after the buying broke down, is where you can enter a short.