2025/07/02 USD/JPY Trade Strategy

Today's USD/JPY call: Buy.

Like GBP/JPY, it’s at a tricky spot. For day trading, I lean toward buying.
This is a support zone on the daily chart, so it won’t drop easily.

Scenario A
If it breaks above the pink line around 143.8, I’ll wait to buy the dip.
There are several lines that could act as resistance, so I don’t think it’ll rise smoothly, but the target is around 144.5.

Scenario B
Buy on a bounce from the bottom of the current range.
From the current shape I can’t buy right away, so I’ll wait patiently at the bottom of the range and go long once I confirm it’s turning up (making higher lows).
Target is 143.8

Scenario C
If it breaks below, I’d like to sell.
Target is around 142.7.

Review

It played out as Scenario A.

Long from the first pullback after the breakout to the upside.
Price didn’t reach the target and stalled at the pink line at 144.2, so I take profit there. 30pips

After that, price came back to the Scenario A line once more and bounced, so I went long again.
It stalled at the same line, so I take profit. 19pips
There was a data release right after this, so taking profit without hesitation is fine.