2026/03/31 GBP/JPY Trade Strategy
Today's GBP/JPY call: Buy.
The bigger trend is down, but price is currently in a retracement higher.
I expect a daily chart-level retracement to form, so for day trading I’m looking to buy.
I want to buy after seeing whether price bounces from around current levels or drops to around Line C before bouncing.
One thing to watch out for: since the higher timeframe is bearish, if price fails to make a new high after entry, I’ll close out early given the possibility of a drop.
Review
It went down.
In the first half, I waited with a bullish bias, but price didn’t form the pullback I was expecting, and after seeing the drop through Line C at the blue circle, I switched to wait and see.
After that, price crept higher and retraced up to Line A, but this is where a bearish shift appeared on the 5-minute chart (M5), so I went short from the red circle.
This was the view I wrote about in the morning: “if it can’t make a new high, it will go down.”
Market conditions changed, so this ended up being a trade outside the plan.
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.
