CHFJPY has broken out of its 4H downtrend, where it was making a sequence of lower lows and lower highs. We have impulsively broken through that trend, creating a new high, invalidating the bearish sequence.
Price is now retracing into the key fib retracement zones (golden pocket). I will be looking for a rejection from 0.71 fib retracement as this lines up...
- A double bottom has formed at a key level as you can see.
- We also have a break of a Descending Wedge which signals a bullish bias.
- Will be looking to take a long position if we get a pullback to the area on confluence where we have the 0.618 retracement, double bottom neckline and outside of the descending wedge.
- Will enter upon confirmation of a...
CHF/JPY - Short
Hit a nice support and resistance area.
Hit my third TP on the previous idea LONG i had for this pair.
Now i am looking to catch the move back down.
Any questions drop me a message or a comment
Possible short term trade on the CHFJPY
Japanese Index has started to fall so some currencies are gaining in strength against the Yen
Any questions are welcomed and will be answered
Lets see how it plays out
chfjpy forms a symmetrical pattern. and the HH-HL form.
MY ANALYSIS, THE PRICE WILL BE UP TO THE TOP.
THE PRICE WILL BE UP TO TOP, THE SAME TARGET LIKE INCREASE ON THE RED LINE I MAKED BEFORE OR TAKE IN RESISTENCE