CHF/JPY Long-Term Trend: Bullish
Key Resistance Levels: 118.55, 119.18, 119.95
Key Support Levels: 117.89, 117.17, 116.16
The price on the higher time frame is trading inside a parallel channel that is made by a resistance and support with price levels of 116.16 & 117.91 USD respectively. A breakout occurred on the higher end of the channel where we expect that the price will extend higher after posting a correction.
CHF/JPY Medium-Term Trend: Bullish
On the 1-hr time frame, the price is trading inside a bullish channel. The pair is posting a correction count now in the form of a bullish flag formation. The price is heading toward an area of confluence which is made by the 50% Fibonacci retracement and the strong support around the 117.91 USD mark.
Buy Limit Order @ 117.91
TP 1 @ 118.52
TP 2 @ 119.18
Stop Loss @ 117.63
Trade Safely 🙂