UncleBullFX

Bearish & Bullish Bias for GBPJPY

OANDA:GBPJPY   British Pound / Japanese Yen
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GBPJPY 4H:

The market is heading in a bearish trend forming a higher-low to lower-low formation. Last week the market closed at 4H horiantal key level @ 130.8.

Bearish Scenario: If 4H candle closes below 130.8, then we will take shorts half risk and will activate a sell limit in case of pullback @ 130.8 turning previous support level to resistance.
Bullish Scenario: If 4H candle breaks above the descending trend-line then our bullish bias is applicable and we'll enter buys.

There is no volatile news for the pound or the Japanese yen on the economical calendar for this week, but keep an eye on corona news headlines. + Watch out for Boris Johnson statements about the UK lock down.

Risk ONLY: 2-3%

Good Luck
Trade active: Bullish Scenario Activated!

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