2025/06/30 GBP/JPY Trade Strategy

Today's GBP/JPY call: Sell.

The double top around 10 am JST (01:00 UTC) was a good selling point, but if you don’t have a position, wait to sell the rally.
The overall trend is up, but for day trading I’m looking to sell.

Scenario A
If price breaks above the recent high, I’ll switch back to looking for buys.
Momentum is fading, so the initial target is around 199.

Scenario B
Selling the rally within the current range.
I’m using the blue line around 196.2 as a guide, but if price bounces from here, it may be forming higher lows, so be careful with the timing of a short entry.
Target is around 197.7

Scenario C
If price breaks below the pink line at 197.7, further downside can be expected.
I’ll wait for a retracement before looking to go short.
Target is around 196.9

Review

In the first half, I went short from ○1 on scenario C.
However, price didn’t fall all the way and started turning up, so I exited. 10pips

After that, I made a scenario update and went long from ○2 on the pullback after price broke the high.
This one also dropped right away, so I exited. 15pips
Given the time of day and the overall downward flow, I didn’t hold.