2025/03/10 GBP/JPY Strategy

With NFP (nonfarm payrolls) out, I’d like to hope a direction will emerge, but right now the market has no clear direction and is hard to read.
Until the higher timeframe setup comes together, my stance is to take short-term trades. It’s probably best not to get greedy and hold, but to take profit as soon as price reaches the target line.

If anything, the current situation slightly favors selling.
However, there seems to be a high chance the chart shape will change in a short time and the strategy will need to change too.
As of now, these are the three scenarios.

Scenario A
The idea is buying the dip after price breaks above the recent high on the 15-minute chart.
This is an entry where I want to watch the lower timeframes closely to time it.
Target is around 191.3.

Scenario B
A short when price fails to break above around 190.66 and falls.
Both Scenario A and Scenario B are right in the middle of the range, so be careful with entries.
Target is around 190.0.

Scenario C
Selling the rally after a break below the 190 line.
Target is around 189.5.

Review

The market moved lower.

If you kept your bias fixed on selling from the morning, I think the short at ○1 was there for the taking.
The entry came after price was being capped by short-term S/R and the MA on the 5-minute chart (M5). 110 pips

The scenario gets updated after that, but ○2 is a perfect selling point.
If you were only watching the 15-minute chart, you might not have been able to short here.
On the 1-hour chart (H1), it’s a clean S/R level. 60 pips

The ○3 area offers several entry opportunities.
It’s an easy place to get in, but since it’s late at night, it’s tough for people with day jobs. 60 pips