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CHF/JPY Potential Upward Movement

CHF/JPY Long-Term Trend: Bullish

Key Resistance Levels: 122.45, 122.55, 123.00

Key Support Levels: 122.08, 121.83, 121.50

Daily Chart:

The price on the daily time frame is trending to the upside where it is now in a middle of a correction. The daily support (122.08 USD) could prove difficult to break, this will lead to a reversal and move upward in the same direction of the main trend.

CHF/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame, the pair is trading inside a bullish flag formation, where we expect a lower correction toward the area of confluence. This zone is made by a 61.80% Fibonacci retracement level and the strong support. Once it is reached a move upward might be seen to the target profit.

Signal Idea:

Buy Limit Order @ 122.18

TP 1 @ 122.45

TP 2 @ 122.55

Stop Loss @ 122.08

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.

One comment

  1. Currently at the order level, perhaps a manual trigger

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