2025/03/07 GBP/JPY Strategy

Today is US NFP (nonfarm payrolls) day, so there’s no need to trade aggressively.
The chart pattern is also indecisive, so it feels like a wait-and-see day.
Technically, the lower line around 190.0 is a key level, so I’ll consider selling if price breaks below it.

Scenario A
If price turns higher, I’d like to see support/resistance (S/R) form around 190.6.
Target is around 191.3.

Scenario B
A sell scenario assuming a range.
In this case, depending on how the recent chart shapes up, it might be hard to sell.

Scenario C
Selling the rally after a break below 190.0.
Initial target is around 189.5.

That said, with NFP just a few hours away, I’ll wait and see after all.

Review

Until the data release, price just drifted around inside the range, but once things settled down after the data release, a short at ○1 was possible.
Taking profit at the range low would have been best (about 70 pips), but if you got greedy and held on, you may well have ended up with a breakeven exit or a stop loss.

After that, you might have been able to go long at ○2 after seeing the upward flow, but since it was Friday at 3:30 am JST (18:30 UTC the previous day), I feel like there’s no need to take it.
I think it’s fine for people who mainly trade late at night. Take profit where the move stalled around 192.3. (about 50 pips)