GBPJPY getting ready for a bearish run
GBPJPY is expected to test newly formed trend line around 163.80 area which is also a potential demand zone and then go bearish to test 162.00 area. There are two possible scenarios to trade this pair.
Scenario #1:
wait for the market to test 163.80 area /trendline and then take a sell entry, takprofit: 162.00 , stoploss: 164.55 --- 180 pips opportunity
Scenario #2:
if the market break and close below 162.90 in H1 then take a sell entry for takeprofit: 162.00, stoploss: 163.80 ---- 90 pips opportunity
Scenario #1:
wait for the market to test 163.80 area /trendline and then take a sell entry, takprofit: 162.00 , stoploss: 164.55 --- 180 pips opportunity
Scenario #2:
if the market break and close below 162.90 in H1 then take a sell entry for takeprofit: 162.00, stoploss: 163.80 ---- 90 pips opportunity
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