CHFJPY - Continuation Higher?
Updated
Analysis:
Comments:
Whilst some of the fundamentals go against our bullish thesis, we still have the technicals and some fundamentals pointing to bullishness on this pair. With the majority of the confluences we pay attention to pointing to bullishness and with the setup we see, we have enough confidence to have a bullish outlook on this pair. Only time will tell if we're correct but from what we can see currently, we see price continuing this bullish rally that it's in and heading higher.
Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
- Strong upwards trend (bullish confluence factor)
- Break and retest of previous area of resistance for support (bullish confluence factor)
- 50% fib retracement touch (bullish confluence factor)
- Upwards trendline touch (bullish confluence factor)
- CHF is the 7th strongest major currency whereas the JPY is the 8th strongest major currency (bullish confluence factor)
- 2K short position increase for the CHF (bearish confluence factor)
- 27K short position decrease for the JPY (bearish confluence factor)
Comments:
Whilst some of the fundamentals go against our bullish thesis, we still have the technicals and some fundamentals pointing to bullishness on this pair. With the majority of the confluences we pay attention to pointing to bullishness and with the setup we see, we have enough confidence to have a bullish outlook on this pair. Only time will tell if we're correct but from what we can see currently, we see price continuing this bullish rally that it's in and heading higher.
Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Trade active
With our entry requirements being met and our order being filled we are now long on this pair looking for the bullish rally to continue higher.Trade closed: stop reached
Trade Closed
(-1R) Lost
After Trade Comments:
Last night we saw the JPY gain some bullishness after there were some talks going on which led to us getting stopped out quite quickly. Our analysis was still to plan and if this set up appeared again then we'd take the trade again as that's what our plan tells us to. We cut our losses early but we let our winners run. It's the way to maximise your profits with trading. Anyway lets not dwell on our closed trades as we did nothing wrong but instead focus on looking for the next setup.
Stay Safe - The JPI Team
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.