GBPJPY 30min Analysis February 2nd, 2021
Price is consolidating in a descending triangle and is currently respecting our weekly as support.
Trade Scenario 1: Bullish - For us to go long we need to see price break out of our descending channel and above 143.600. We will then wait for price to retrace and find support at 143.600. Enter on strong bullish setups, first targeting previous highs around 144.100.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key weekly of 143.300. We will then wait for a retrace and for 143.300 to flip as resistance. Enter on strong bearish setups.
Trade Scenario 1: Bullish - For us to go long we need to see price break out of our descending channel and above 143.600. We will then wait for price to retrace and find support at 143.600. Enter on strong bullish setups, first targeting previous highs around 144.100.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key weekly of 143.300. We will then wait for a retrace and for 143.300 to flip as resistance. Enter on strong bearish setups.
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