GBPJPY 30min Analysis December 28th, 2020
Price has retraced back to our key weekly level and the 30min 200MA.
Trade Scenario 1: Bullish - For us to look long we need to see price break out of our descending channel and form a clear HL above 139.90. Enter on bullish engulfing/variations.
Trade Scenario 2: Bearish - For us to look short we need to see price break below the key weekly level and 200MA on the 30min time frame. We will then look for a clear LH at or below the weekly level at 139.50
Trade Scenario 1: Bullish - For us to look long we need to see price break out of our descending channel and form a clear HL above 139.90. Enter on bullish engulfing/variations.
Trade Scenario 2: Bearish - For us to look short we need to see price break below the key weekly level and 200MA on the 30min time frame. We will then look for a clear LH at or below the weekly level at 139.50
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