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CHF/JPY Potential Upward Movement

CHF/JPY Long-Term Trend: Bullish

Key Resistance Levels: 125.294, 125.944, 126.00

Key Support Levels: 123.916, 122.523, 122.050.

Daily Chart:

The price on the higher time frame is posting higher highs and lows indicating that the trend is clearly upward. The market is bouncing inside a bullish channel formation where it managed to break the daily resistance (now support) around the 124.00 JPY mark. A correction has been posted, this might lead to a new bullish impulsive wave toward the next key resistance level.

CHF/JPY Medium-Term Trend: Bullish

4-Hr Chart:

On the lower time frame, the pair succeeded to break the bullish flag formation to the upside after finding buyers near the 61.80% Fibonacci retracement level. A lower correction could be seen to the bespoke support before a new impulsive wave toward the targe profits.

Signal Idea:

Buy Limit Order @ 123.981

TP 1 @ 125.240

TP 2 @ 125.944

Stop Loss @ 123.500

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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