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VasilyTrader
Jan 22, 2021 2:15 PM

CHFJPY: Waiting for Breakout Short

FX:CHFJPY1D
Swiss Franc/Japanese YenFXCM

Description

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CHFJPY is currently trading within a wide horizontal trading range on daily.

For intraday trading opportunities, consider its boundaries as safe places to buy/sell.

To catch a new swing, though, we must wait for the breakout first.

In case of a daily violation of its resistance (daily candle close above), bullish continuation will be expected to 118.5

In case of a bearish breakout (daily candle close below its support), bearish wave will be expected and goal will be 115.3.

Wait for the decision of the market participants and then follow!

Trend AnalysisChart PatternsWave AnalysisCHFJPYyenjapaneseyenswingswingtradingswingtradeswingtraderCurrencies
Comments
Rossie19
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Good analysis
VasilyTrader
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@Rossie19, thanks a lot buddy :)
AdamEiseman
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Great idea! +++👍🏻🦐
VasilyTrader
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@AdamEiseman, thank you Adam!!!
Cess-gail
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Nice
VasilyTrader
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@Cess-gail, thank you my friend😊
VasilyTrader
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Are you bullish or bearish on chfjpy?
Antonio_trader
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@VasilyPonomarev,

On the technical side, the weekly chart shows we are gearing up for a break to the upside. Problem is that there is a very strong multi-year resistance in the way. It will take serious bulls to push through this without any bull traps.
VasilyTrader
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@Antonio_trader, good outlook!
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