EURJPY 30min Analysis December 7th, 2020
Price is consolidating in a bearish triangle.
Trade scenario 1: Bearish - We are looking for a bearish engulfing at 126.05 on higher timeframes or a break and retest of this level on lower timeframes (30m/15m/5m). Our first targets will be 125.7 zone
Trade scenario 2: Bullish - We need to see price break above the200MA on the 30min timeframe and the key weekly level at 126.23. We will then look for a retrace back to these levels. Enter on bullish momentum/variation. Target previous highs around 126.6
Trade scenario 1: Bearish - We are looking for a bearish engulfing at 126.05 on higher timeframes or a break and retest of this level on lower timeframes (30m/15m/5m). Our first targets will be 125.7 zone
Trade scenario 2: Bullish - We need to see price break above the200MA on the 30min timeframe and the key weekly level at 126.23. We will then look for a retrace back to these levels. Enter on bullish momentum/variation. Target previous highs around 126.6