With CHF/JPY coming near fresh yearly highs after such a strong multi week push, its do for a reversal at the 118-119 zone. For the pattern traders we can see CHF/JPY presenting a huge ascending triangle for bullish long term momentum, in the mean time im looking to go short in expectations of price going back into consolidation. . If you take the time to zoom in we can see Friday close offered us a hammer/pin bar candle! Next expected support as far as i see is around 115-115.50, which lines up with uptrend support and the 61.8 golden Fib Reversal zone. This coming week (2/5/18) I will be watching the H1-H4 time frames like a hawk for signs for fake out/reversal in the 118.50-119 area, stop loss 15-20 pips above 119. I will be posting an update on this chart when it comes time to take profit and go long. Always remember.. big swings=low lots!
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.