TheForexFellows

CHF/JPY - double breakout to the upside - exceptionally bullish

Long
FX:CHFJPY   Swiss Franc / Japanese Yen
CHF/JPY looks like it could be providing a decent opportunity to enter long based on the current technical analysis and price action.

Price broke out from a weekly descending trend channel in Late-July suggesting that the downwards trend is coming to an end, at least in the short term.

With our overall bullish bias, price has also now broken from a daily ascending trend channel to the upside. We have waited for a pullback and retest of the daily ascending trend zone before taking a long position, with an initial TP1 of 117.56. If price closes back below the trend zone we will look to close the position.

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