2026/10/07 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

In the near term, I’m looking to buy.
The 4-hour chart (H4) looks like it’s near the highs, but the daily chart still has upside room, so I can picture another bullish candle following on from yesterday.
With that in mind, the question is how to play it as a day trade.

As long as price doesn’t break the current A to C range, I’d like to keep buying.
The green line at B looks like a candidate for a pullback.

Review

It was Scenario C.

Price broke below the range and fell without forming a pullback.
It then retraced to around Line C, formed a double top on the 5-minute chart (M5), and I went short at circle ① where it started falling again.
After it dropped all the way to around the 4-hour pullback low, signs of downside stalling appeared, so I took profit. 57 pips