2026/07/23 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

The bigger picture shows downside stalling, and a pullback is forming on the daily chart.
It’s starting to take the shape of a saucer bottom, so I’d like to keep trading with a bullish bias.

In the near term, on a short-term basis, I have a bearish bias until price breaks above Line A.
If it fails to clear Line A and starts turning down (making lower highs), going short is also an option.
There may also be a scenario where it drops one more leg from here.

When USD/JPY makes a big move due to BoJ intervention, GBP/JPY is often affected as well.
If you’re concerned about that, it’s also a good idea to watch USD pairs (dollar majors) such as GBP/USD.

Review

It was a range.

Price was held up by 4-hour support, but it was a day with no movement.

I went long at ○1 and ○2, but neither extended and price came back down, so both ended in a breakeven exit.