CHF/JPY Potential Upward Movement

CHF/JPY Long-Term Trend: Bullish

Key Resistance Levels: 120.97, 121.52, 122.00

Key Support Levels: 119.95, 119.30, 119.00

Daily Chart:

The price on the higher time frame posted a correction count toward the 61.80% Fibonacci retracement level where it found buyers. The price posted a hammer candlestick which shows a potential reversal to the upside.

CHF/JPY Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame the price posted a head and shoulders which indicates a change in direction of the trend to the upside. A lower correction could be seen to the highlighted zone before a rally toward the target profit.

Signal Idea:

Buy Limit Order @ 120.16

TP 1 @ 120.43

TP 2 @  120.97              

Stop Loss @ 120.05

Trade Safely 🙂