on the MN chart (yearly overview) CHFJPY has been on a strong bullish run making small retracements on its way to the moon also making several market pauses(demand CPs)
price reached an ATH on '01 Jan 2015' @ 138.920, on '01 Jun 2022' after 7 years price pierced through the ATH with a strong bullish candlestick of +6.00% printing a new ATH @ 143.756 which is the current highest price CHFJPY has reached. from the current high July candlestick opened and closed bearish as a retest of the prev 2015 high.
from the prev 2015 high price is currently trading in a bullish parallel channel with prev daily chart supply level @ 141.320 peak in control now acting as demand , with price still in a state of bullish momentum its possible that this level of imbalance can drive price to the ATH @ 143.756 and also possibly reaching new ATHs
another scenario :
price is approaching a key level @ 142.000 which is a prev daily chart demand that could now act as supply and add bearish momentum to the price driving price down t bearish targets @ fresh and original demand level @ 139.250. a break of the parallel bullish channel could confluence the downside move.
TERMS USED :
ATH - All Time High
ALL PRICE LEVELS ARE AS PER FXCM PRICE FEED
put together by : PAKO PHUTIETSILE
presented by : PAKO PHUTIETSILE
courtesy of : @currencynerd
“Education is the passport to the future, for tomorrow belongs to those who prepare for it today.” —Malcolm X.
price reached an ATH on '01 Jan 2015' @ 138.920, on '01 Jun 2022' after 7 years price pierced through the ATH with a strong bullish candlestick of +6.00% printing a new ATH @ 143.756 which is the current highest price CHFJPY has reached. from the current high July candlestick opened and closed bearish as a retest of the prev 2015 high.
from the prev 2015 high price is currently trading in a bullish parallel channel with prev daily chart supply level @ 141.320 peak in control now acting as demand , with price still in a state of bullish momentum its possible that this level of imbalance can drive price to the ATH @ 143.756 and also possibly reaching new ATHs
another scenario :
price is approaching a key level @ 142.000 which is a prev daily chart demand that could now act as supply and add bearish momentum to the price driving price down t bearish targets @ fresh and original demand level @ 139.250. a break of the parallel bullish channel could confluence the downside move.
TERMS USED :
ATH - All Time High
ALL PRICE LEVELS ARE AS PER FXCM PRICE FEED
put together by : PAKO PHUTIETSILE
presented by : PAKO PHUTIETSILE
courtesy of : @currencynerd
“Education is the passport to the future, for tomorrow belongs to those who prepare for it today.” —Malcolm X.
Trade closed: target reached
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