EURJPY 30min Analysis February 24th, 2021
Price is in a strong bullish trend but is coming up on a key weekly level where we are anticipating some rejection/consolidation.
Trade Scenario 1: Bearish - For us to go short we want to see a strong rejection off our key weekly at 129.00. We can enter on the first bearish setup or wait for some consolidation and a double top to form before going short. First targeting 128.700
Trade Scenario 2: Bullish - For us to go long we need to see price break above our key weekly level of 129.00. We will then wait for a retrace and for 129.00 to act as support.
Trade Scenario 1: Bearish - For us to go short we want to see a strong rejection off our key weekly at 129.00. We can enter on the first bearish setup or wait for some consolidation and a double top to form before going short. First targeting 128.700
Trade Scenario 2: Bullish - For us to go long we need to see price break above our key weekly level of 129.00. We will then wait for a retrace and for 129.00 to act as support.
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