CHF/JPY Long-Term Trend: Bullish
Key Resistance Levels: 124.974, 125.172, 125.607.
Key Support Levels: 124.358, 124.162, 123.895.
1-Hr Time Frame:
The price on the higher time frame succeeded to break the bearish trendline to the upside and in addition it broke a strong resistance level (now support) around the 124.344 JPY mark. The price is expected to move upward in the same direction of the main trend.
CHF/JPY Medium-Term Trend: Bullish
15-Mins Time Frame:
On the lower time frame, the market succeeded to break the bearish trendline to the upside and posted a higher low after finding buyers near the 61.80% Fibonacci retracement level. This shows that the market is clearly controlled by the buyers. A lower correction could be seen to the strong support before a new impulsive wave toward the target profits.
Buy Market Order @ 124.353
TP 1 @ 124.974
TP 2 @ 125.172
Stop Loss @ 124.044
Trade Safely 🙂