MarkFraser

CHF/JPY SELL LIMIT IDEA

Short
FX:CHFJPY   Swiss Franc / Japanese Yen
On the daily there is the 3rd leg of Elliot wave forming with a 61.8 retracement. However, on the lower timeframe, we see there is a potential H&S pattern forming which is in confluence with the 61.8 fib level. A shift in momentum happened as it broke past the most recent HL point.

There is also measured moves happening with the next impulsive move matching with that TP3 area of -27

Potential 120 pip move.

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