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MEX_Exchange

CHFJPY testing major support, prepare for a bounce

Long
Swiss Franc / Japanese Yen (FX:CHFJPY)  
MEX_Exchange  
FX:CHFJPY   Swiss Franc / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns CHFJPY chf jpy chfjpyshort chfjpylong chfjpybuy chfjpyanalysis chfjpysetup forexsignals
57
0
trendanalysis harmonicpatterns chartpattern chfjpy chf jpy chfjpyshort chfjpylong chfjpybuy chfjpyanalysis chfjpysetup forexsignals

Buy above 115.90. Stop loss at 115.44. Take profit at 117.10.
Reason for the trading strategy (technically):
Price is testing major support at 115.90 (61.8% Fibonacci extension, horizontal overlap support, Fibonacci retracement) and we expect a strong bounce from this level to push price up towards 117.10 resistance (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) is seeing major support above 5.9% where we expect a corresponding bounce from.
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