2025/09/01 GBP/JPY Trade Strategy

Today's GBP/JPY call: Buy.

Price has just reached a 4-hour key level, so I can’t buy right away, but I have a bullish bias.
My picture is one more wave forming a pullback before price rises further, so I’m waiting for a pullback.

Scenario A
If price breaks above the green line A, the chances of a rise on the higher timeframes increase.
Basically I’m looking for a long off support/resistance (S/R) at the green line, but if the pullback is shallow, I’ll be careful with the timing.
Target is 199.5

Scenario B
A pattern where price forms a pullback first and then rises.
I’m picturing a pullback down to line C, but if it’s shallow, it may only reach around line B.
If price comes down near line B, I need to watch it closely.
Target is the same as Scenario A, but if price can’t get above the green line A, I’ll exit.

Scenario C
Price has now reached the green line A, which is a key level, so if it drops from here and breaks below line C, I’ll judge that it’s heading down toward the range low.
I’m picturing a short off S/R around line C, selling the rally.
Target is the blue line around 198.3, and if it falls further, the pink line below at 198

Review

It was Scenario B.
Price rose cleanly from an easy-to-spot pullback all the way to the target. 73 pips