2025/06/11 GBP/JPY Trade Strategy

Today's GBP/JPY call: Sell.

The daily chart is still in an uptrend, and the 15-minute chart (M15) is also a buy for now.
However, the daily chart has been stopped at the resistance zone again and again, and the 4-hour and 1-hour charts are sells.
If M15 flips to a sell, that’s when the opportunity arrives.

Scenario A
Buying the dip after a break above.
Given the current structure, I’m not actively considering an entry on this scenario.
If the pullback after the break above is deep, I’ll consider a long.
Target is 196.2

Scenario B
Based on the current technicals, buying from around here is the main scenario.
If price looks firm, I’ll aim for a long.
I want to drop my bias toward expecting a decline and look at it neutrally.
Target is likewise around 196.2

Scenario C
Selling the rally after a break below.
Be a bit careful with the support drawn as the light red line.
If price drops from there, it may be possible to target a decline down to the daily-level pullback.
Day-trade target is around 195

Review

In the end, price didn’t drop and it played out as Scenario B.

Price rose without breaking below the faint support/resistance (S/R) line I had drawn at point C on the morning chart.
The entry point is the red circle, the pullback after price made a new high.

After that, I closed the trade when price reached the line around 196.2 that I had set as my target. 62 pips
With the US CPI release coming at 9:30 pm JST (12:30 UTC), there was no reason to hold.