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CHF/JPY Potential Upward Movement

CHF/JPY Long-Term Trend: Bullish

Key Resistance Levels: 125.583, 125.851, 126.271.

Key Support Levels: 124.635, 124.233, 124.000.

1-Hr Frame:

The price on the higher time frame succeeded to break the bullish flag formation to the upside and as well it broke the bearish trendline. This shows that a huge positive momentum is there and a clear indication that the bulls are in control of the market.

CHF/JPY Medium-Term Trend: Bullish

5-Mins Time Frame:

On the lower time frame, we can see that the market found buyers near the 50% Fibonacci retracement which led to a huge move to the upside. A series of higher highs and lows has been posted signaling that we are new impulse way to the upside.

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Buy Market Order @ 124.812

TP 1 @ 125.583

TP 2 @ 125.851

Stop Loss @ 124.443

Trade Safely 🙂

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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