The bullish leg of CHFJPY is coming to an end very soon.
Elliott Wave theory states that waves 1, 3 and 5 have 5 subwaves. We can see that we're in wave 5 now and we've only seen 4 subwaves so far. Anticipating subwave 5 higher before the completion of the over 5th wave.
Short Term Trade Idea: BUY - Watch for the break of the red trendline - Enter with stops below the recent lows - Targets: 137.7 (350pips)., 140 (600pips)
Long Term Trade idea: SELL Once we've completed the 5th subwave and concluded the overall 5th wave, watch for bearish price action. Once it appears, enter with stops above that recent high and hold your trade. Midterm target is 120 (2000pips)