CHF/JPY Long-Term Trend: Bullish
Key Resistance Levels: 125.294, 125.944, 126.00
Key Support Levels: 123.916, 122.523, 122.050.
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
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.
Buy Limit Order @ 123.981
TP 1 @ 125.240
TP 2 @ 125.944
Stop Loss @ 123.500
Trade Safely 🙂