GBPJPY 30min Analysis February 24th, 2021
Price is approaching our edge of value around 150.200. We will wait to see how price reacts to that level before looking to enter.
Trade Scenario 1: Bearish - For us to go short we want to see price reject off our edge of value around 150.200. We will enter on strong bearish setups at this level, first targeting 149.500.
Trade Scenario 2: Bullish - For us to go long we need to see price break above 150.200. We will then wait for a retrace and for 150.200 to act as support. Enter on strong bullish setups at or above this level.
Trade Scenario 1: Bearish - For us to go short we want to see price reject off our edge of value around 150.200. We will enter on strong bearish setups at this level, first targeting 149.500.
Trade Scenario 2: Bullish - For us to go long we need to see price break above 150.200. We will then wait for a retrace and for 150.200 to act as support. Enter on strong bullish setups at or above this level.
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