EURJPY 1hour Analysis December 21st, 2020
Price continues to consolidate between 126.60 and 125.80.
Trade Scenario 1: Bullish - For us to go long we need to see price break above 126.60 with conviction. We will then wait for a retrace back to this level and for a clear HL to form. Enter on strong bullish engulfing/variations.
Trade Scenario 2: Bearish - We need to see price break below our 200MA on the 1hour and 30mnin timeframes. We will then wait for a retrace back to about the weekly level around 126.20. Enter on bearish engulfing/variations.
Trade Scenario 1: Bullish - For us to go long we need to see price break above 126.60 with conviction. We will then wait for a retrace back to this level and for a clear HL to form. Enter on strong bullish engulfing/variations.
Trade Scenario 2: Bearish - We need to see price break below our 200MA on the 1hour and 30mnin timeframes. We will then wait for a retrace back to about the weekly level around 126.20. Enter on bearish engulfing/variations.