CHF/JPY Rejection From ResistanceThis has had a big rejection from the resistance level and has continued down to support where it has finally slowed. I expect this to be a brief correction before continuing downwards.
For an entry to a short I want to see this break the support and then retest it as resistance. Then a short can be taken with a target at the next support of 113.819
Chfjpysetup
CHFJPY WEEKLY FORECASTCHFJPY AFTER SUCCESFULLY BREAK THE PREVIOUS RESISTANCE ZONE...NOW IT BACK TO THE SAME RESISTANCE ZONE..
NOW THE RESISTANCE ZONE CAN ACT AS SUPPORT ZONE...WAIT FOR CONFIRMATION AND THEN GO LONG...
IF IT FAILS..THEN YOU CAN MAKE THREE TRADES WHICH SHOWN ABOVE...
TRADE CAREFULLY....
CHF/JPY Long From SupportBig correction seen on JPY pairs today. This is back into a support level now, need to see it hold up here and there should be a very good long opportunity. Can use the 4HR and 1HR timeframes to pinpoint the best entry point, it has shown no sign of turning higher or slowing down yet but it should do soon. MACD is well above 0 so still bullish and EMA's have not crossed for short yet and we want to see it stay that way for a long entry. Target can be set at 119.917 although there will be some resistance around 119.000 so could exit the trade there to secure the profit.
CHF/JPY Breaking Above ResistanceAs previously shown on a post this pair is at a resistance and is now breaking above. For an entry we want to see a retrace back to support and then a rebound upwards. I have set an initial target of 119.004 and then this can be swing traded to the following targets of 119.917 and 121.950
CHF/JPY Down to SupportThis has retraced to 0.5 Fibonacci, looking for this to now continue downwards to the support level. Need to wait for confirmation of this first as MACD and EMA's are on the bullish side, need to see MACD start dropping and EMA's to cross back over. TP is just below 0.382 Fib at 116.234.
CHFJPY | Perspective for the new weekThe Bullish run that begun mid-November 2020 gets caught and sandwiched in a Bullish rectangle pattern until it finally broke out of the range last week. This development hereby gives rise to a trading opportunity that we might exploit in the coming week(s).
Tendency: Uptrend ( Bullish )
Structure: Channel (Bullish rectangle) | Breakout | Supply & Demand
Observation: i. Bullish Rectangle: This pattern is described by horizontal lines showing significant Demand and Supply level which has been respected since late last year (2020).
ii. A successful Breakout of my Key level @ Y117.250 during the course of last week trading session is a signal pointing towards the idea that price might be anticipating new highs in the coming week(s).
iii. After the Breakout, price is presently going through a corrective phase and patience is required to ascertain where Buyers are going to resume the rally.
iv. My new and propose Demand level in the coming week shall be around Y116.650/117.200 where engulfing candle springing out of this zone might be a signal to follow.
v. It is important to state here that if the price significantly comes down Y117.250 and extend into Y116.400, I shall revert to my previous set up on this pair (see link below for reference purposes).
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward : 1:4
Potential Duration: 2 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
CHFJPY SHORTCHF/JPY recently failed to break its yearly high and has subsequently treaded lower. The failure to breach fresh yearly highs on the most recent upswing likely injected bearish undertones that may see prices fall back to an inflection area between 108.0 and 105.0 before making a renewed push higher.
CHFJPY, 4hr tf, buy on double bottom near EMA-200Hello my friends,
Another setup for today is CHFJPY pairs.
I found price moving towards strong EMA-200 support.
It looks like a double bottom pattern or bullish flag pattern in the long run.
Buy CHFJPY 116.45
Stop loss 116.00
Take profit 117.15 (1.5R)
RR Ratio 1 : 1.5
Use only 1-2% risk
Good luck
CHFJPY | Perspective for the new week60pips against us since my last publication on this pair (see link below for reference purposes); Price finally touches Y117.500 zone just like it did in August 2020 to make a Double Top structure. This was met with rejection followed by Lower Lows in the latter part of last week trading session.
Tendency: Downtrend ( Bearish )
Structure: Reversal pattern | Supply & Demand | Double Top
Observation: i. Since July 2020, price action has been caught within a channel of Supply and Demand.
ii. The appearance of a Reversal pattern since price hits Y117.500 has given rise to a risk of further decline in the coming week(s).
iii. I shall be expecting a significant Breakdown of Key level @ Y116.400 (Neckline) for a signal this week.
Trading plan: SELL confirmation with a minimum potential profit of 200 pips.
Risk/Reward : 1:3
Potential Duration: 5 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.