2026/06/03 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

The question is whether price rises to the key level around 215.8.
Right now there are signs of downside stalling in a price zone that isn’t bad for a 1-hour pullback.
However, strictly speaking the situation can be seen as a range, and price is being capped by a 4-hour horizontal line, so a move lower is also possible.

This isn’t a market where you can enter and just leave the trade alone, so be careful.

Even if price breaks below line B, it’s hard to sell, so basically I’m looking to buy until price breaks below the line around C.

Review

It dropped.

I wrote that I had a bullish bias down to line C, but given this flow, you could have sold from the blue circle.

Scenario C was selling the rally after the price broke below the blue line, so the short comes from circle ①.
Since the price couldn’t break the recent low, that’s a take profit for now. 20 pips

After that, the price came back up to the range high once more, so using the same logic, it’s a short from circle ②.
This one is fine to hold.
Move the stop-loss level to breakeven, and take profit if the lows start turning up.