2025/08/12 GBP/JPY Trade Strategy

GBP/JPY on 2025/08/12: buy.

Price is at the range high on the daily chart.
That means profit-taking sell orders are likely to come in.
Even after taking a position, I need to adapt flexibly if the situation changes.

Scenario A
Price is currently breaking out above the 15-minute range, but I’ll wait for a pullback before entering.
Will the recent high act as support/resistance (S/R), or will price pull back deeper?
If it pulls back deeper, around 199.1–199.2 is the level to watch.
Target: 199.8

Scenario B
This is the scenario where price comes back into the range.
For now, I see the bottom of the 15-minute range at the green line, 199.
However, given the current chart shape, if price drops to the green line, it’s highly likely to have turned bearish in the short term.
In that case, a move down to around line C followed by a reversal is also possible.
Target: 199.4

Scenario C
A break below line C means bearish momentum.
I’ll wait for a retracement and go short.
Target: 198.4

Review

It played out as Scenario A.

The idea was to ride the upward move from the recent higher-low double bottom, so I went long off a 5-minute pullback and support/resistance (S/R).
After it reached the 199.8 target, I took profit as it started turning down (making lower highs). 25 pips