FX.co ★ Trading tips for GBP/JPY

GBP/JPY has been increasing since 2020. It already gained as much as 34,000 pips, and at the moment is approaching the yearly high. A breakdown of 158.200 is very likely to happen.

As such, after the breakdown of 158.2, traders should set up a grid of sell limits in an increment of 100 pips. Take profit on a breakout, either at 1 pip above the first order or after a 100 pip rise. This strategy is called grid trading, which is usually used on cross rates. It involves holding positions that are significant in time and distance. For this reason, we recommend using swap-free accounts, not increasing the volumes in the grid (0.01 standard lot for every $ 1,000 of the deposit) and monitor price movements.

Good luck and have a nice day!