CHF/JPY-4 Hour overview
Hello everyone!
-On a 4-Hour chart, we can see that the price reached a strong area of support and we can see that the price formed a double bottom pattern.
-Double bottom is a reversal pattern which means that the price is more likely to change current direction.
-The price formed few doji candles and the price is forming a bullish engulfing candle at this moment.
-In that area, we can expect that bears are losing their momentum and there is an opportunity for bulls to take control.
-If the price starts moving in a bullish direction I suggest being careful with those resistance lines and areas and to wait for confirmations and for breakouts.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.
-On a 4-Hour chart, we can see that the price reached a strong area of support and we can see that the price formed a double bottom pattern.
-Double bottom is a reversal pattern which means that the price is more likely to change current direction.
-The price formed few doji candles and the price is forming a bullish engulfing candle at this moment.
-In that area, we can expect that bears are losing their momentum and there is an opportunity for bulls to take control.
-If the price starts moving in a bullish direction I suggest being careful with those resistance lines and areas and to wait for confirmations and for breakouts.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.
Disclaimer
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.