2026/07/15 GBP/JPY Trade Strategy
Today's GBP/JPY call: Buy.
The 1-hour chart (H1) is in a range, and price is near the top of it.
As I wrote yesterday, the 4-hour chart (H4) has started to trend up from a higher-low double bottom.
If price breaks above this range, I can picture it rising to the top of the daily chart range.
If it drops, Scenario B is to look for a long from the range low, but if things play out that way there won’t be a chance today.
There’s a fair amount of room to run, so if price breaks below the blue marker line and starts turning down (making lower highs), it may be worth considering a short as a short-term trade.
Review
It was Scenario A.
In the end, price didn’t drop and rallied instead.
I went long at ○1 on the pullback after price broke above Line A.
I took profit here when a double top formed. 17 pips
After that, I went long again at ○2, when price came back to Line A, using the same logic.
This is a pullback on the 1-hour chart (H1), so this was the main trade.
In Elliott terms, this is where wave 3 would form, so it tends to extend, but I didn’t expect it to rally this much.
It made a new high for the first time since 2008, in territory with hardly any horizontal levels, and kept climbing.
I took profit where the move stalled on the 15-minute level. 200 pips
That said, there’s a high chance it keeps rising, so holding with a swing bias would also be fine.
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.
