first of all price reached a very strong resistance area two weeks ago.
We can see a trend line breakout and a pullback after that , so we expect a good retracement to 38.2% , 50% and even 61.8%. But there is no guarantee for price movement to touch all of those levels. I think it goes down to 50% with more probability.
So retracement levels are our...
. There is still a possibility of temporary retracement to suggested resistance line (117.27). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. CHFJPY is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a...
CHFJPY is showing a bearish wedge on H1 & this be a good structure to bring the pair down to test the existing trendline since May...
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
CHFJPY has been on tremendous bullish run since May & now in corrective wave on H4. The question is will this be its reversal to downtrend or more uptrend after the corrections? Analysis of the pair shows possibility of CHFJPY to fall towards the trendline and a possibly rejection at either (1) or (2) will push the pair up to retest 117.50 or above...
VPOC long entry CHFJPY from point 116.696 after price rejected from 61.8% fib zone. We have a major resistance zone at 117.009, if we break above the level we could add another potential long to capitalise on a secure trade. Take profit level 1 = 118.679 and the second take profit = 120.110.
In CHFJPY we have seen a break and potential retest of the trendline marked out. It then looks to have formed a "double bottom" and pushed back up to the "neckline". Will price break or reverse? I will be looking for a clean reversal from this level and them looking to short. However, if we see a clean break and retest i will be looking to enter a long position.
We can see that price has broken below this ascending TL, making a lower low with a retracement up into a fib level. We also have this irregular H+S pattern which is valid, however i do believe we can see a push up to previous structure level, the 61.8% fib and the 50EMA, this would be a high probability set up if we can get a nice confirmation candlestick.
This CHFJ on the 4 hour time frame. Currently we are trading within an ascending channel, as we have been for the past 30+ days. In the upcoming week we could see short setups arise. I am looking to see whether price confirms its move by forming a continuation pattern which I would then enter on the break or from the top, defending on the nature of the structure...
Waiting for it to reak out of the resistance zone and create a bullish engulfing/shooting star candle to place then aim for previous high support levelif it breaks lower level ill wait to see if support zone becomes resistance zone then think about a different entry to the downside or possibly wait for it to break upwards