The price is at the end of wave 3 we have two entry positions, the price most likely will fall to the 2nd buy zone and then will rally up, the targets are as shown in the chart and maybe a detailed targets next week .
Watch for a potential correction and long opportunity off the 200 MA on 4 hr to break high of "A" potentially extending up into the zone (but not in a straight line of course). Refer to my daily swing pattern, as the short is my main idea...
Have been following trend-line structure for a while haven't break out. Has formed three drive pattern expecting to give buy opportunity with around 200-400 pips move.
As it is a cross pair have to look DXY,USDJPY and EURUSD for confirmations.
CHFJPY buy set up -
Market approaching 4hr support and also 4hr trend line. Looking at a buy from support to resistance trend line. However there's not much confirmation or not many reversals on support trend line so the market does have potential to break. But the support could help it out and start building the trend line up. If market breaks then next zone is daily.
If you saw my previous analysis of this pair, I went short on this from the recent rejection of weekly resistance (purple). Price has now come to support (purple) and has tested this 4hr area (yellow). Waiting on price to drive lower towards weekly support so I can go long but the setup at the moment is bearish.
short term bias of trade is bearish but long term...