CHFJPY - Continuation Higher?Analysis:
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
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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.
