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CHF/JPY Potential Upward Movement

CHF/JPY Long-Term Trend: Bullish

Key Resistance Levels: 118.55, 119.18, 119.95

Key Support Levels: 117.89, 117.17, 116.16

Daily Chart:

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

1-hour Chart:

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.

Signal Idea:

Buy Limit Order @ 117.91

TP 1 @ 118.52

TP 2 @ 119.18

Stop Loss @ 117.63

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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