darcsherry

CHFJPY | Perspective for the week | Follow-Up

Long
FX:CHFJPY   Swiss Franc / Japanese Yen
My last publication on this pair witnessed Price moving 90 and 100pips consecutively from our Buy windows before the crash (see link below for reference purposes). I remaining Bullish on this pair as we find ourselves in another trading opportunity arising from a simple Reversal set-up on the 4Hour chart.

Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Reversal Pattern ( Double Bottom )
Observation: i. We have been in a long term Bullish perspective since 2019 as the price continues to reject Fr116.000 level in recent times.
ii. The decline that started mid-March 2021 appears to have found bottom @ Fr116.000 again as the appearance of a Double Bottom structure signals another reversal from the Demand zone .
iii. My Key level @ Fr116.650 which will also serve as the Neckline shall be my yardstick for Buying opportunity in the coming week(s).
iv. With a Breakout of Neckline finally happening during the latter part of last week trading session, it is time to make a move to join the rally as we look for buying opportunity above this level... Trade consciously! :)
Trading plan: BUY confirmation with a minimum potential profit of 180 pips.
Risk/Reward: 1:6
Potential Duration: 4 to 10days

NB: This speculation might be considered to make individual decisions on the lower timeframe.

Watch this space for updates as price action is been monitored.


Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.