On the utility of macro news for intra-day $GBPJPY
Been watching the $GBPJPY action today, currently sitting around 214.746. Noticed the typical intraday chop, bouncing between 214.443 and 215.033. It got me thinking, how many of us really factor in broader economic news for these kinds of moves? I mean, beyond the immediate impact of a data release, does parsing every jobless claim or manufacturing PMI from the UK or Japan actually give a tangible edge for a scalp or a short swing on a pair like this? My own experience suggests that once the initial volatility subsides, it's mostly order flow and chart structure that dictate the narrative, with macro news fading into background noise for the shorter timeframes. I'm genuinely open to being wrong here, especially for those who trade this pair consistently. Push back if you see it differently.
For intraday, especially on a cross like GBPJPY, the immediate reaction to scheduled macro news can be a strong driver, but the sustained impact beyond the initial spike or drop often depends more on technicals and broader market sentiment. I find it's more about knowing when major news is dropping to avoid getting caught on the wrong side, rather than deep analysis of every single data point.