gmctwonine

CHFJPY 1H Long Position Ascending Channel Support Bounce

Long
FX:CHFJPY   Swiss Franc / Japanese Yen
4
Stochastic is oversold and is showing bearish divergence. Price action closed below ascending channel support, but I predict that it will reverse and bounce back up, especially given GOLD's strength at the moment because of risk-aversion vibes.

Stop loss is 113.00 and first profit target is 114.50 for a 1:1 trade.

I unfortunately entered this trade yesterday afternoon at 113.70 with my stop at 113.00 so I'm in the middle of a drawdown at the moment.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.