2025/06/06 GBP/JPY Trade Strategy

The GBP/JPY trade strategy for 2025/06/06 is to buy.

There was an ideal pullback first thing this morning, but right now it’s a matter of waiting.
Today the US NFP (nonfarm payrolls) comes out at 9:30 pm JST (12:30 UTC), so if I plan to close out before then, there might not be any chance.
I’m thinking of aiming for a trade after the NFP release.
Looking at the daily chart, I can picture another bullish candle following yesterday’s and reaching the high.

Scenario A
If price breaks to the upside, I’ll be buying the dip.
Depending on where it turns back, there might not be much room to run, but the target is around 196.
Also, this price zone is a high on both the weekly chart and the daily chart, so I’ll take profit as soon as the move stalls.
Judging by the shape of the daily chart, it does feel like it could break through the high.

Scenario B
If price comes back down to this morning’s pullback again, I’ll look to buy.
However, I think it’s turned to selling in the short term, so be careful with entry timing.
The target is again around 196, but if price comes back to this line, there’s a high chance it’s making lower highs.
That means selling pressure will get stronger, so I’ll exit once the upward momentum fades.

Scenario C
If price breaks below the line around 194.5, I’ll wait for a retracement and sell.
The target is around 194.
That said, I feel it’s better to assume we’re basically still in a big uptrend.

There’s also a high chance the data release will break up the chart and I’ll have to rebuild the strategy.
For those who can’t sit back and wait, I think it’s fine to buy short-term if price finds support around the green line.

Review

There were no opportunities.
The only one was a long using the green line from the morning as support.
Price briefly broke below it, but the entry is a long once it turns into a short-term buy again.
Since I close before the data release, that’s about 28 pips.

After that, I waited and saw, and that was it for the day.
The flow played out pretty much as I had roughly pictured it.