EURJPY 30min Analysis January 13th, 2021
Price has been in a strong downtrend for the week but we are within our demand zone and key weekly level and price is starting to find support.
Trade Scenario 1: Bullish - For us to go long we need a break of structure and price to push above 126.600 with conviction. We will then look for a retrace and for 126.600 to flip as support.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key weekly level of 126.234. We will then wait for a retest and for the weekly level to flip as resistance. Enter on strong bearish setups.
Trade Scenario 1: Bullish - For us to go long we need a break of structure and price to push above 126.600 with conviction. We will then look for a retrace and for 126.600 to flip as support.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key weekly level of 126.234. We will then wait for a retest and for the weekly level to flip as resistance. Enter on strong bearish setups.
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