2026/04/16 GBP/JPY Trade Strategy
Today's GBP/JPY call: Buy.
Market conditions haven’t changed much over the past two days or so.
Price is drifting around within the 1-hour timeframe range.
The range high lines up with key levels on the weekly chart and monthly chart, so the movement has slowed down.
Eventually it will break out of the range one way or the other, so if it’s going to break to the upside, I’d like to get positioned around now.
Review
No trade.
The market context isn’t good, so the price just isn’t moving.
At times like this, it’s best not to force anything and simply wait and see.
After the morning scenario, I was waiting for a place to buy, but the price formed a downward wave and moved lower, so there was nowhere to buy.
If you had a bullish bias, you could buy at the red circle, but since I was treating the blue line as the range low, it was hard to get involved there.
As for selling, the retracement was shallow, so I’d want to see one more wave first.
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.
