CHFJPY - Overview on Daily Timeframe
A pair that very much interests us at this moment is the CHFJPY pair. Not the easiest pair to trade, really, but we are looking at it closely for two reasons. First because the pair is bound to take off anytime for a big movement to the upside, to complete the bigger pattern. Secondly because this is the Yen pair that confirms that all other Yen pairs might impulse upside because of a big drop in the Yen alone.
In terms of analysis, we can clearly see that on the daily timeframe CHFJPY has had a first impulse to the upside and that impulse has been followed by it's own big "ABC" correction, which could be over right now, or could have some little more downside to it. Within the "B" wave of said correction, we had another, smaller, "abc" correction, which at the time confirmed the bigger "ABC".
From this moment onwards therefore, we will be monitoring this pair closely on the smaller timeframes, in order to identify potential buy setups, with an expected final target around the 121.5 area. Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
In terms of analysis, we can clearly see that on the daily timeframe CHFJPY has had a first impulse to the upside and that impulse has been followed by it's own big "ABC" correction, which could be over right now, or could have some little more downside to it. Within the "B" wave of said correction, we had another, smaller, "abc" correction, which at the time confirmed the bigger "ABC".
From this moment onwards therefore, we will be monitoring this pair closely on the smaller timeframes, in order to identify potential buy setups, with an expected final target around the 121.5 area. Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.