globalfxkingz

CHF/JPY POTENTIAL BUY IDEA

OANDA:CHFJPY   Swiss Franc / Japanese Yen
as we can see here on the CHF/JPY chart that the market has been trending in a tunnel in an upwards direction. after a couple of strong moves within this tunnel, the market then approached the top resistance trend line and a major downwards resistance trendline . in this area the market broke the trend and moved up to the upside, after this, the market came down to retest the previously broken area and then repeated this process twice creating a double top . once this confirmation of structure happened the market came and broke down back into the previous tunnel area which is now moving strongly down approaching the bottom support of tunnel. due to the nature of this trend once price gets to the bottom support area we should be looking for a buy, so with different types of market patterns and confirmation of structure, we are going to wait to see how the market reacts in this area before making a decision on what to do.
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