GBPJPY 30min Analysis December 10th, 2020
Price is still pushing to the downside. We are nearing a key support level and the 200ma on the 4h timeframe.
Trade Scenario 1: Bullish - Enter on bullish engulfing/variations around the 138.00 zone. First TP target would be key weekly level around 139.400
Trade Scenario 2: Bearish - We need to see price pullback to at least the 30min 200ma, if not back to the weekly level around 139.400. There will be lots of liquidity back at this weekly level to push price back to the downside with some good volume.
Trade Scenario 1: Bullish - Enter on bullish engulfing/variations around the 138.00 zone. First TP target would be key weekly level around 139.400
Trade Scenario 2: Bearish - We need to see price pullback to at least the 30min 200ma, if not back to the weekly level around 139.400. There will be lots of liquidity back at this weekly level to push price back to the downside with some good volume.