As the USDJPY breaks out of a major triangle pattern, the CHFJPY is breaking above a smaller multi-week H&S pattern.
A target would be around the 116 level, confluence of a measured move and 200 weekly moving average.
I won't trade this as my current platform doesn't allow me to set a stop at the week's low. You will find that trading providers offer so-called 'minor' currency pairs but with outrageous minimum stop distances to offset their own risk. My golden rule is that I should be allowed to set my risk to the level at which I feel comfortable.
Nevertheless, if you're comfortable with a stop 500 points from your entry, or you have a means to trade CHFJPY with tighter stops, this is a standard breakout trade idea.
A target would be around the 116 level, confluence of a measured move and 200 weekly moving average.
I won't trade this as my current platform doesn't allow me to set a stop at the week's low. You will find that trading providers offer so-called 'minor' currency pairs but with outrageous minimum stop distances to offset their own risk. My golden rule is that I should be allowed to set my risk to the level at which I feel comfortable.
Nevertheless, if you're comfortable with a stop 500 points from your entry, or you have a means to trade CHFJPY with tighter stops, this is a standard breakout trade idea.