2026/02/23 GBP/JPY Trade Strategy
Today's GBP/JPY call: Sell.
The 4-hour and 1-hour charts are ranging, but the overall flow is down.
The morning drop also broke below the 1-hour low, so I’m waiting for a retracement to look for a sell.
I’m looking at roughly 208.7 to 208.9 as the retracement zone.
Since it’s a range, rather than aiming for a big move, the idea is to cleanly take the move down to the key level.
Review
It was a range.
I waited with a bearish bias the whole time, but there was no chance to sell, and price broke through Line A.
You could go long on the pullback after the breakout (red circle) under Scenario A, but it’s not really a setup I’d want to enter.
After entry it doesn’t extend much and starts turning down (making lower highs), so you exit with about 10 pips.
After that, price dropped and made a bearish shift.
You can sell from the retracement at the blue circle.
Lately price has been moving within a range, and even the 1-hour chart doesn’t show a clear structure, so rather than aiming for big moves, it seems better to take profits cleanly up to the key levels.
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.
