2026/05/11 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

The market context isn’t great, and this isn’t an easy market to read.
For now I’m looking to buy, but I’d like to wait for a pullback on the 1-hour chart (H1) before taking a position.

From here, the basic plan is to wait for either a break to the upside or a drop to around C, but as time passes, the pink line above B may also end up acting as support.
If that pink line can be recognized as support on the 1-hour chart (H1), buying from there is also an option.

Review

It was Scenario A.

As I wrote this morning, price found support at the pink line near the letter B and moved higher.

The entry point was either when we saw the bounce off the blue line (round number), which acts as short-term support/resistance (S/R), or at the subsequent pullback on the 5-minute chart (M5).
After seeing the rise following entry, move the stop-loss level to breakeven, and taking profit with a limit order at the green line target of 214.3 is fine. 54 pips