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CHF/JPY Potential Upward Movement

CHF/JPY Potential Upward Movement

Key Resistance Levels: 124.460, 125.020, 125.470.

Key Support Levels: 123.453, 123.020, 122.568.

Daily Chart:

The price on the higher time frame posted an engulfing bullish pattern showing that the bulls took control of the market, and they are about to reverse the price. This could to a move higher toward the next key resistance level which is the 124.46 JPY mark.

CHF/JPY Medium-Term Trend: Bullish

1-Hr Chart:

On the lower time frame, the price managed to break the bearish channel formation to the upside after finding bulls around the 50% Fibonacci retracement level. A lower correction could be seen before a new impulsive toward the mentioned target profits.

Signal Idea:

Buy Limit Order @ 123.452

TP 1 @ 123.931

TP 2 @ 124.460

Stop Loss @ 123.218

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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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