Pound/Yen confluence: Are we sky rocking or we'll dive deep?

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1. Looking at Pound/Yen, we have approached a major resistance on Monthy, weekly and daily levels.
2. Last Friday the way the daily candle closed seems like it's rejecting 148.000(M/W/D) but just one rejection does not tell us that we need to short this pair.
3. I would personally wait for the price to reject that price level multiple times before taking short.
4. Clean shorts (swing trade) would be if the price close below 146.500 (100pips below the present level) with clean traffic for the next 200pips and multiple take profit to capitalize.
5. And for scalping, I will wait for a smaller time frame to show some confluence.
6. For longs I personally feel we need really high volume to break this entire price zone. Price has tested almost 10 times at this level and failed to break above.
7. To trigger a long trade (swing trade) I will wait for the price to close around 149.500 (150 pips from the current close).
8. And for scalping, I will wait for a smaller time frame to show some confluence.
9. If we successfully break and close above 149.500, there is clean traffic up to 153.800 with multiple take profits can be capitalized.
10. So overall my bias is too short but as I said I will wait for all the confluence before I take swing trade but in meanwhile, I will try to scalp a bit.

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