GBPJPY range breakout scenario - BUYS?

2020年11月3日

Right at demand area (daily and 4h resistance), so there is very high potential of price reaction towards either bullish or bearish direction. Today equities and commoditiers are up (London session) so price is reacting accordingly.
There are no crucial news so far, only US election news which hint Biden's win (*markets may push up on democratic candidate win due expectation of more promised economic support in case he wins, bullish). brexit headlines are quiet this week so far. Therefore we had this consolidation area after last drop.

TECHNICAL LEVELS:

SUPPORT: 135-134.800
RESISTANCE: 135.800-136.000

KEY FIBS 136.030 (50% daily fib - bullish pullback?)
KEY MA'S 136.100 (daily 20ema)
136.450 (daily 100ema)
136.600 (daily 200ema)
136.100 (4h 100ema)

We are at high confluence level so I want to see more clear out:
BULLISH CASE: Breakout and re-test of 4h 100ema+136.000 key level to continue upside.
BEARISH CASE: Fakeout happens as confluence reacts again and pushes price back inside a range. 135.400 is where I want to see breakdown to trade until 135.180 level. 135.200-134.800 sells area!



KEEP IN MIND: Election day/week, UK-EU talks, US market open