GBPJPY 30min Analysis December 7th, 2020
Price is consolidating in a bullish triangle pattern.
Trade scenario 1: Bullish - We need to see price break above 139.4 and the 200MA on the 30min timeframe with strong conviction. We will then look for a corrective retrace and 139.4 to flip as support. Enter on bullish momentum/variation
Trade scenario 2: Bearish - We need to see price break below 138.8 with conviction. We will then look for a retrace and our support trend line to flip as resistance. Enter on bearish engulfing/variation.
Trade scenario 1: Bullish - We need to see price break above 139.4 and the 200MA on the 30min timeframe with strong conviction. We will then look for a corrective retrace and 139.4 to flip as support. Enter on bullish momentum/variation
Trade scenario 2: Bearish - We need to see price break below 138.8 with conviction. We will then look for a retrace and our support trend line to flip as resistance. Enter on bearish engulfing/variation.