amanpaulbhogal
Long

Buy opportunity on CHF/JPY

FX:CHFJPY   Swiss Franc/Japanese Yen
A low test close on CHF/JPY             presents an opportunity for a long position. Today's low test price bar has tested the 114.70 level and is likely to close above it as well as above the 50% retracement and the 20 ema . There is, adding to this setup, supportive hidden bullish divergence (trend continuation divergence). The Stochastic indicator is in oversold territory and is due for a reversal. .

Although the daily chart demonstrates bullish signs, the weekly price action is still in the pullback phase.

entry - above low test close
stop loss - below low test close, or 50 ema
target - initially at previous high (117), and above
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