GBPJPY 30min Analysis February 3rd, 2021
Price is still consolidating within a descending triangle pattern above our key weekly level.
Trade Scenario 1: Bullish - For us to go long we need to see price break out of our consolidation pattern and above the 30min 200MA. We will then wait for a retrace and for price to find support around 143.500. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key weekly with conviction. We will then wait for a retrace and for the 143.200 zone 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 consolidation pattern and above the 30min 200MA. We will then wait for a retrace and for price to find support around 143.500. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we need to see price break below our key weekly with conviction. We will then wait for a retrace and for the 143.200 zone to flip as resistance. Enter on strong bearish setups
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