#CHFJPY Buying opportunity
Hello, everyone. I hope you are all doing well.
Let's dive into the CHFJPY chart and explore a potential buying opportunity in this pair.
As depicted in the chart, the price initially formed a bullish impulsive move, but it has since been undergoing a corrective descent for the past three days.
Today, it appears that the price has cleared out liquidity from the low created yesterday and established a bullish engulfing candle. Additionally, the price is currently situated at a static support area and is backed by support from the 61.8% Fibonacci level.
Given the price's current position at this significant level and considering the favorable risk-to-reward ratio, we are opting to open a position at this price. However, for a more conservative approach, you can choose to wait for the price to break above a short-term bearish trendline that has been constraining the price during this corrective descent.
Let's dive into the CHFJPY chart and explore a potential buying opportunity in this pair.
As depicted in the chart, the price initially formed a bullish impulsive move, but it has since been undergoing a corrective descent for the past three days.
Today, it appears that the price has cleared out liquidity from the low created yesterday and established a bullish engulfing candle. Additionally, the price is currently situated at a static support area and is backed by support from the 61.8% Fibonacci level.
Given the price's current position at this significant level and considering the favorable risk-to-reward ratio, we are opting to open a position at this price. However, for a more conservative approach, you can choose to wait for the price to break above a short-term bearish trendline that has been constraining the price during this corrective descent.
Trade active
First target hit by the price, If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.Trade active
still waiting...Trade closed: target reached
Price just hit our second taking profit area.
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.
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.