theforexarmy

CHFJPY Approaching Support, Prepare For A Bounce

Long
FX:CHFJPY   Swiss Franc / Japanese Yen
Buy above 115.29.
Stop loss at 114.71.
Take profit at 116.28.
Reason for the trading strategy (technically):
CHFJPY is approaching its support at 115.29 (100% Fibonacci extension , 38.2% & 61.8% Fibonacci retracement , horizontal overlap support) where it could potentially bounce to its resistance at 116.28 (38.2% Fibonacci retracement , horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 7.8% where a corresponding bounce could occur.

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