. There is a possibility of temporary retracement to suggested support line (107.87). 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 uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....
Here is a simple set up for CHFJPY long positions.
Price is rejecting the 109.500 daily support zone and is flattening nicely with deceleration present. Price has broken above daily pivot now and I will be looking for the TL and 1hr 50ema to be broken and closed through next.
Safer entry would be to wait for the break ad retest of the TL and 1hr 50ema.