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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.