RingerFX

CHFJPY What happens next?!

FX:CHFJPY   Swiss Franc / Japanese Yen
This is an interesting one, in which I'm not sure of a long term direction with this one.

I maintain a bearish bias for the next couple of weeks as I can't see the 112 level being broken just yet, so I may potentially enter a short trade after confirmation of a rejection at this level of resistance. I did also use fib retracement levels to help measure the pullback, but removed this from the chart to keep it tidy. However, where price will go after that I am not sure. If you trade this as an Elliot Wave , there could be a 3rd impulse wave driving price higher. My instinct tells me it will drive up to the 113 level again before another pullback but I guess we shall see!

Still, if this first prediction comes off, there is a healthy 130 pip gain to be made! :)

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