GBPJPY 30min Analysis February 23rd, 2021
Price is still in a strong bullish trend but is coming up on our edge of value at 148.900.
Trade Scenario 1: Bullish - For us to go long we either need to see price retrace back to our structure zone of 148.300 or we need to see price break above 148.900. We will then wait for a retrace and for 148.900 to act as support.
Trade Scenario 2: Bearish - For us to go short we want to see price reject off our edge of value at 148.900. We will then look to enter short on strong bearish setups, first targeting 148.300.
Trade Scenario 1: Bullish - For us to go long we either need to see price retrace back to our structure zone of 148.300 or we need to see price break above 148.900. We will then wait for a retrace and for 148.900 to act as support.
Trade Scenario 2: Bearish - For us to go short we want to see price reject off our edge of value at 148.900. We will then look to enter short on strong bearish setups, first targeting 148.300.