Looking at the 4hr time frame this pair is at major Supply Area. It has failed to break through 111.950 on multiple occasions. It has come back to test this zone and once again it has failed to break and we can see a nice opportunity to go Short.
Simple trend continuation trade on CHFJPY.
Higher lows and bullish trendline with price now rejecting the Fibonacci 0.618 retracement level and TL.
Higher lows showing bullish momentum is still present so there is potential for CHFJPY to now break the resistance level at 112.00 and make a new higher high.
Stop Loss is at 30 pips to leave it below the 0.786
CHF JPY Short Triple daily Top , Rare chart Pattern , bit like rocking horse poo
Currently our position is @TP1 +50 pips
We will stay long here for 200 pips , been slow going for when this pair drops it normally drops fast , but markets have been very quiet of late
We will reevaluate our position at bottom of range
The market currently broke out of an ascending triangle after forming a Head & Shoulder driving market to break the trendline. The market had its first Impulse move with the break of the trendline and currently just concluded its exhaustion as the second impulse move is creeping in to start the big bearish move. JPY is on a ride and gaining against major, minors...
Anticipated to be and corrective structure move on 4hr chart.
Ideal setup would be a break of current support and/or re-test of support turned resistance, then entry strategy for SHORT to next major level.