FX:CHFJPY   Swiss Franc/Japanese Yen
32 3 0
This pair is tricky to trade no doubt and this possible triangle has been annoying me for quite some time. I still believe, that it IS a triangle (or will be) and from the Elliott Wave perspective, I think it can only be either B wave, 4th or X wave - meaning that the outcome will be the same - higher. And as this one is on daily chart , we are talking about at least 400pips higher. But first it has to complete and break the upptrendline.
So in conclusion - I favor the upside from here on until we reach Target 1 area, then a pullback and after that a final, decisive break to the upside. Time will tell if this one plays out.
ForceFollower
2 years ago
I don't find it likely to go up that high, but the waves you've drawn seem to support the idea. :) So, anything can happen.
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capitalpropertiesfx ForceFollower
2 years ago
this pair moves in mysterious ways, so I agree that anything can happen. I like the setup right now, but USDJPY is starting to look wierd - the inability to stay above 102.00 makes me a bit more bearish every day and if that one goes lower, then it will probably drag CHFJPY lower as well. On the other hand, CHFJPY travelled from 78.00 to 119.20 and it didnt take a look above 120.00. That makes me suspicious :)
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ForceFollower capitalpropertiesfx
2 years ago
I've just closed my short position, it hit my target. Is it going to continue lower? I find it quite probable, let's watch.
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