2026/06/30 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

After yesterday’s big rally, I’d like to wait for a bit of a pullback.
When there’s strong momentum, price can sometimes just keep rising from here, but normally I think it will form a pullback.

It’s unclear whether USD/JPY has actually broken through the key level, and I think GBP/JPY will be pulled along by that move, so be careful if you’re buying from a shallow pullback.
For now, my scenario is to wait for a pullback to around the C line, but as drawn in blue, I’m also allowing for a move where price rises again from the 15-minute range.
With a short-term bias, it might be worth considering a short for now if price breaks below the blue range low.

Review

The price went up.

This was Scenario B, and the rise came from a shallow pullback, just like the blue arrow I had drawn.
The round number held as support, and I went long at ○1 as the lows started turning up (making higher lows).

Along the way it dipped for a moment, but that turned into a long lower wick and the price kept rising.
If you had your position with the stop loss at the correct stop-loss level, you wouldn’t have been stopped out here.

The price broke above the blue target line, and I took profit once the upward momentum faded. 100 pips