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amanpaulbhogal
Sep 23, 2014 9:55 PM

A bullish CHF/JPY Long

Swiss Franc/Japanese YenFXCM

Description

The moving averages on CHF/JPY display shapely geometry holding the recent uptrend. There is healthy convergence on both Stochastic and RSI too. A pull back into and just short of ~115, but bouncing off the 0.382 Fibonacci level, has given what will be a bullish low test close implying a long trend continuation setup. Today's low test has also narrowly missed the 10 ema. Price is supported affirmatively above the 10 ema looking aggressive.

Entry - above today's low test
Stoploss - below today's low test, support level (~115) or 10 ema
Target - previous highs at ~117, or ~119 for long term profit taking
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