2026/06/05 GBP/JPY Trade Strategy

Today's GBP/JPY call: Sell.

The market picture hasn’t changed much since yesterday, but sellers have the upper hand in the near term.
The 1-hour chart (H1) has made one new high, and if the current low holds, there’s a good chance of another move up.
Like yesterday, this is also a price zone that’s a candidate for a pullback on the 4-hour chart (H4).

So, since the bigger-picture bias is bullish, I’d like to buy once we get a bullish shift on the 15-minute chart (M15).
If price breaks below the current price zone, I think selling is fine.

Review

It was Scenario A.

Almost the same flow as yesterday, with an easy-to-read entry point.
I went long on the small pullback after the break above Line A, and took profit when price reached the blue target line. 47 pips

Since this rise is wave 3 on the 1-hour chart (H1), I could have been a bit greedier, but the pullback had gone about as deep as it could, and with the NFP (nonfarm payrolls) release coming up, I just took profit as planned.
In the end it ran a little further, but I’m fine with that.