CHF/JPY Long-Term Trend: Bullish
Key Resistance Levels: 122.36, 122.65, 123.00
Key Support Levels: 121.82, 121.44, 121.00
The price on the higher time frame is trading inside a bullish channel formation where it is posting higher highs and lows. Recently, the price violated and broke the daily resistance around the 121.82 USD (now support), and is retracing to it. Further movement to the upside might be seen in the same direction of the main trend.
CHF/JPY Medium-Term Trend: Bullish
On the 1-hour time frame, the pair succeeded to break the bullish flag to the upside after finding buyers around the 61.80% Fibonacci level. A lower correction is expected before a rally toward the target profit mentioned.
Buy Limit Order @ 121.93
TP 1 @ 122.34
TP 2 @ 122.65
Stop Loss @ 121.77
Trade Safely 🙂