Good morning traders.
I see that CHFJPY is inside a triangle.
It could break either way. During Friday 21th of October the huge reversal has not retraced to 50% of Fibonacci, so I am expecting to see something like that.
In the break of support+trendline, a nice short entry as sell limit would be a strong setup.
However, there is a Huge liquididty left in the monthly chart - January 2015 in price area of 157.6
So, if price breaks the 4H resistance and respects the trendline along with general structure and sentiment keep the long posistions increasing,
I beleieve the pair will visit at least 155 price area.
I see that CHFJPY is inside a triangle.
It could break either way. During Friday 21th of October the huge reversal has not retraced to 50% of Fibonacci, so I am expecting to see something like that.
In the break of support+trendline, a nice short entry as sell limit would be a strong setup.
However, there is a Huge liquididty left in the monthly chart - January 2015 in price area of 157.6
So, if price breaks the 4H resistance and respects the trendline along with general structure and sentiment keep the long posistions increasing,
I beleieve the pair will visit at least 155 price area.
Trade closed manually:
+370 pips