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CHF/JPY Potential Upward Movement

CHF/JPY Long-Term Trend: Bullish

Key Resistance Levels: 117.95, 118.80, 119.20

Key Support Levels: 116.18, 115.20, 113.79

Daily Chart:

The price is trading inside a parallel channel which is made by a support & support levels with values of 116.18 & 117.95 USD respectively. Our expectation is a move upward toward the daily support.

CHF/JPY Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is trading inside a bullish channel formation where we expect a lower correction to the area of confluence which is made of a 61.80% Fibonacci retracement level & a support around the 117.21 USD price. This could cause a move upward toward the 117.52 USD mark.

Signal Idea:

Buy Limit Order @ 117.21

TP 1 @ 117.52

TP 2 @ 117.95

Stop Loss @ 117.05

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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