OANDA:CHFJPY   Swiss Franc / Japanese Yen
A rising wedge formed towards a strong weekly resistance area. The price is currently at a strong support zone, a break of that level will be the first confirmation for our sell (not ready for an entry though). What will constitute an entry will be a creation of a bearish continuation pattern (as illustrated). We will then execute at the break of that structure and hold until the end of the long-term wedge, wait to see what the price does, and possibly continuing the preceding impulse should confirmation arise. With this does not mean that the move we are awaiting will happen exactly as stated, the price may still go back up from that support zone before dropping. All that's needed at this point is patience, observe what the market gives us and take what is offered.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.