CHFJPY Analysis 05/07/2023
SWISS FRAC / JAPANESE YEN H4 Time Frame
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 149.640-150.500
Nearest Resistance Area = 153.220-154.000
Overall Bias = Long
Short Term Target = 147.600-148.400
Ideal Target = 156.000-158.000
Invalidation Level = 140.250
Notes :
CHFJPY has been in an absolute roar to the upside with the weakening of the Japanese Yen. Price is still currently in a strong uptrend with a minor correction in the works. Using Elliot Wave Analysis we can say that currently price is in its 4th minor correction wave of its bigger 5th intermediate wave with an ideal 4th wave target around 147.600-148.400.
Our 1st Main And "Ideal" Scenario is the black paths where price will rebound slightly after testing its major support zone making its B subwave rebound before continuing lower.
Our 2nd "Best Case" Scenario is the green paths where price will continue its rebound straight through its resistance zone and continuing its 5th minor wave of its bigger 5th intermediate wave. Both of these scenarios have an invalidation level at 140.250.
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 149.640-150.500
Nearest Resistance Area = 153.220-154.000
Overall Bias = Long
Short Term Target = 147.600-148.400
Ideal Target = 156.000-158.000
Invalidation Level = 140.250
Notes :
CHFJPY has been in an absolute roar to the upside with the weakening of the Japanese Yen. Price is still currently in a strong uptrend with a minor correction in the works. Using Elliot Wave Analysis we can say that currently price is in its 4th minor correction wave of its bigger 5th intermediate wave with an ideal 4th wave target around 147.600-148.400.
Our 1st Main And "Ideal" Scenario is the black paths where price will rebound slightly after testing its major support zone making its B subwave rebound before continuing lower.
Our 2nd "Best Case" Scenario is the green paths where price will continue its rebound straight through its resistance zone and continuing its 5th minor wave of its bigger 5th intermediate wave. Both of these scenarios have an invalidation level at 140.250.
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