GBPJPY 30min Analysis January 21st, 2021
Price is currently at our supply zone testing for the 3rd time today.
Trade Scenario 1: Bullish - For us to go long we need to see price break above our supply zone of 142.200. We will then wait for a retrace and for 142.200 to flip as support. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we need to see price breakdown below our supporting trend line and 141.900. We will then wait for a quick retest and for 141.900 to flip as resistance.
Trade Scenario 1: Bullish - For us to go long we need to see price break above our supply zone of 142.200. We will then wait for a retrace and for 142.200 to flip as support. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we need to see price breakdown below our supporting trend line and 141.900. We will then wait for a quick retest and for 141.900 to flip as resistance.
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