2025/06/27 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

Price is approaching 199, a key level on the daily chart, and momentum has slowed, but for now the bias is to buy.
I’m looking to go long once I can identify where the pullback will form.

Scenario A
Buy the pullback after price breaks above the recent high.
Until it clears 199, I picture price grinding higher while repeatedly moving into ranges.
Target: around 199.5

Scenario B
Price is currently falling in the short term.
When this short-term decline stops, I’ll buy if price is above line B (around 198.2).
Target: 199

Scenario C
The zone from B to C looks like it could get tricky, so I’ll need to rework the strategy depending on how the chart shapes up.
For now, I’m looking to sell the rally after a break below 198.
Initial target: 197.7

Review

Early on, I went long at the first red circle under Scenario B.
Just before the red circle, price looks like it slightly broke a low, so this was a cautious long.
After that, it made lower highs and came down, so it was a breakeven exit.

After the exit, price marginally broke a low, so I was wary of a bearish shift and chose to wait and see.

Price made a new high again, and I went long once more at the red circle on the pullback.
This one also failed to break the recent high and came down, so I closed out quickly and called it a day. 12 pips

It was a day with barely any movement and no real opportunities.