2025/06/06 USD/JPY Trade Strategy

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

It’s moving much like GBP/JPY, but USD/JPY looks easier to read again today.
The daily chart, the 4-hour chart (H4) and the 1-hour chart have each formed a double bottom, so technically my impression is that it will rise for now.
On the current chart I’m waiting, but technically I’m waiting for a buying opportunity.

Scenario A
If it breaks above, I’d like to buy from the support/resistance (S/R), but the 4-hour chart (H4) high is close, so that’s the one thing to watch out for.
There’s also a pattern where it drops from around this price zone and turns into a big range.
Assuming it breaks above the 4-hour chart (H4) high, the target is around 144.5.

Scenario B
Buy from the 1-hour range low.
If it plays out this way, I’ll need to wait a while, so I think it’ll be evening by then.
Before the US NFP (nonfarm payrolls) release, I can’t really get involved.
The target is the same as Scenario A.

Scenario C
If it breaks below the range, a 4-hour chart (H4) range becomes likely, so I’ll look to go short.
The target is around 142.9.
Just in case, watch out for a bounce off the line around 143.3 along the way.

Somehow I get the feeling the real action will come after the NFP release.

Review

It was a buy under Scenario A.
Long from ○1, the pullback after breaking the recent high.
Price broke further above just before the data release, but since I can’t hold through it, I took profit once bearish candles started to appear. 35pips

If you missed the entry at ○1, you could also enter from ○2, but with caution building near the highs and momentum slowing, holding all the way to the break above is a bit tough mentally.
Entering from ○2 and closing out before the data release would give about 27pips.