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CHF/JPY Potential Upward Movement

CHF/JPY Long-Term Trend: Bullish

Key Resistance Levels: 125.177, 125.473, 126.000.

Key Support Levels: 124.414, 123.528, 122.784.

Daily Time Frame:

The price on the higher time frame posted a Wyckoff accumulation phase under a strong support zone near the 123.600 JPY mark. the market shifter from a downward movement to an upward one where we expect this to continue after breaking a major resistance near the 124.400 JPY level.

CHF/JPY Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price succeeded to break the bullish flag to the upside with the help of the buyers near the bespoke support level which coincides with a 50% Fibonacci retracement level. A lower correction could be seen to the highlighted zone before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 124.512

TP 1 @ 125.157

TP 2 @ 125.473

Stop Loss @ 124.189

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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