CHFJPY moving towards 125.000: Long Setup & Analysis
According to the latest CHF and JPY reports we can see that both pairs are holding strong positions in favour of the long contract sizes. However, the momentum of the Yen is much stronger, and it will be the decisive figure for this pair in the upcoming weeks.
From a technical perspective, on the monthly timeframe, we must at least see a rejection from the 124.000 area, since it aligns perfectly with the 0.618 Fibonacci level and the monthly critical supply zone. If that doesn’t happen, another attempt to close above 135.000 may happen. In both cases a bullish “W” structure will be formed.
After price received support on the third touch of our monthly trendline near 109.000, we are now in a parallel channel on the daily timeframe. This channel has still a lot of potential and we will at least see another 3-4 good swings.
After explaining you guys all the CHFJPY critical levels and areas of my analysis, it is time to talk about the possible entry points:
1. The first one will be around the 114.000-114.500 area near the daily critical zone.
2. The second one will around 116.000-116.500 area near the monthly critical zone.
I have told many times before that price moves between the supply/demand zones and is why it is logical that we use them as entry or take profit areas.
If you have enjoyed my CHF/JPY analysis, feel free to leave a like, comment or to follow me. Thank you.
Happy Trading!
From a technical perspective, on the monthly timeframe, we must at least see a rejection from the 124.000 area, since it aligns perfectly with the 0.618 Fibonacci level and the monthly critical supply zone. If that doesn’t happen, another attempt to close above 135.000 may happen. In both cases a bullish “W” structure will be formed.
After price received support on the third touch of our monthly trendline near 109.000, we are now in a parallel channel on the daily timeframe. This channel has still a lot of potential and we will at least see another 3-4 good swings.
After explaining you guys all the CHFJPY critical levels and areas of my analysis, it is time to talk about the possible entry points:
1. The first one will be around the 114.000-114.500 area near the daily critical zone.
2. The second one will around 116.000-116.500 area near the monthly critical zone.
I have told many times before that price moves between the supply/demand zones and is why it is logical that we use them as entry or take profit areas.
If you have enjoyed my CHF/JPY analysis, feel free to leave a like, comment or to follow me. Thank you.
Happy Trading!