EURJPY 1hour Analysis December 17th, 2020
Price is still ranging and is at the top of our supply zone.
Trade Scenario 1: Bearish - We need to see strong bearish pressure, engulfings, variations below 126.60. We can enter on a 1hour engulfing and continue to play the zone or drop down to a lower time frame (30m, 15m) and wait for a clear LH.
Trade Scenario 2: Bullish - We need to see price break above 126.60 with conviction. We will then wait for price to retest and find support above 126.60. Enter on bullish engulfing/variations.
Trade Scenario 1: Bearish - We need to see strong bearish pressure, engulfings, variations below 126.60. We can enter on a 1hour engulfing and continue to play the zone or drop down to a lower time frame (30m, 15m) and wait for a clear LH.
Trade Scenario 2: Bullish - We need to see price break above 126.60 with conviction. We will then wait for price to retest and find support above 126.60. Enter on bullish engulfing/variations.