2025/07/09 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

It looks like it’s just meandering in a range, but the lows have been gradually turning up (making higher lows) since Monday.
It might soon make a move to break through the weekly chart high of 199.8.

Scenario A
It’s hard to say whether price has already broken above the range at this point.
I’d like to see one more wave before deciding.
I’m assuming the range high is 199.4–199.5.
I’ll look for a pullback after a clear break above.
Target is around 199.8

Scenario B
The pattern where price returns to the range and then rises.
I’m assuming the range low is around 199, yesterday’s entry line.
Target is 199.8

Scenario C
If it breaks below 199, I sell.
Target is 198.6

Review

It played out as Scenario A.
The opportunity came right after I set up the morning scenario: a long from ○1, where price made slightly higher lows.
Then I took profit as price touched the 199.8 target and started coming back down. 27 pips

After that came a scenario update, and I went short from ○2 after the bearish shift.
It looked like it could drop further, but given the time of day I took profit at a good stopping point. 32 pips