GBPJPY Possible Scenarios
Looking at GJ as an intraday trader on the 1hr chart, there are two main scenarios I am looking for before making an entry (using technical analysis --> with trend lines, support and resistance (specifically quarter points), pullbacks & major price reversal zones)
1) BULLISH SCENARIO
- If price breaks ABOVE the resistance point of 139, I will wait for the PULLBACK and RETEST of 139 and for a proper test of this price as a support level now.
- It will then have to continue trending up, having properly respected 139 as a new found support zone and to then continue the longer time frame trend.
- A possible buy entry here at around 139 or 139.05 can then see a TP up as 139.30 and a SL at maybe 138.85
2) BEARISH SCENARIO
- If price retests up towards the resistance point of 139, but CANNOT break this level as a ceiling, I will be looking for a proper bounce down again and for price to fully respect 139 as a resistance level.
- It will then have to continue with the downtrend, to show that the trend has properly pulled back and continued onwards (with 139 now as a price reversal zone)
- A possible sell entry here at around 139 or 138.95 can then see a TP down at 138.7 and a SL up at maybe 139.15
1) BULLISH SCENARIO
- If price breaks ABOVE the resistance point of 139, I will wait for the PULLBACK and RETEST of 139 and for a proper test of this price as a support level now.
- It will then have to continue trending up, having properly respected 139 as a new found support zone and to then continue the longer time frame trend.
- A possible buy entry here at around 139 or 139.05 can then see a TP up as 139.30 and a SL at maybe 138.85
2) BEARISH SCENARIO
- If price retests up towards the resistance point of 139, but CANNOT break this level as a ceiling, I will be looking for a proper bounce down again and for price to fully respect 139 as a resistance level.
- It will then have to continue with the downtrend, to show that the trend has properly pulled back and continued onwards (with 139 now as a price reversal zone)
- A possible sell entry here at around 139 or 138.95 can then see a TP down at 138.7 and a SL up at maybe 139.15
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