The bearish market structure has been broken by the strong bullish momentum seen over the past few days. The EMAs have crossed over on daily timeframe further indicating a trend reversal
The ideal set-up would be to wait for a new HL to be formed around the resistance-turned-support level of 130.500. This level has also not be retested as yet.
Jpy pairs have been trading sharply in the last 2 weeks and a correction is inevitable.
Jpy index reaching strong support levels can give us a sharp spike correction to this market with combination of some chf weakness
Only for educational purposes.
we can open short position now at 123.000
and our TP will be at 121.000
after that i think it ll go long to 126.000
in this coming days depending on the weekly support and resistance
and the price actions pattern ..
Reasons for entering a short trade:
• Price is currently at a corrective state which has formed an ascending channel this could also be viewed as a bearish flag
• 90% rule of a channel
• Downward trend followed by correction so downward trend likely to continue
• At an area of strong daily resistance
The Bullish trend is expected to continue as there still appears to be buying pressure here.
Long strategy would be advised.
As we are observing serious higher highs stop loss levels should be rational.
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Analysis on #CHFJPY
The market is now near its structure resistance level where I expect the market to turn bearish, also I have a harmonic bearish Cypher pattern.
I am now waiting for the market to...
CHFJPY is in a very great place to look for shorts. We have multiple tells indicating that CHFJPY may drop heavily from the double region. If we don't get a reaction from the double top, look for a reaction near the upper trendline.
The risk to reward on this is insane if you got the ability to hold. It will pay off!
On the weekly we have a simple Impulse, ABC...
Double top on CJ, with RSI and MACD looking bearish and overbought. First TP would be the blue dotted trendline, which is an older trendline, and second bounce could come from the red trendline, which also marks second TP. Good luck if you take this setup!
looks like a double top is forming on this pair
i shared cad/jpy's double top last night which is now running in profit
let's see if we get the same on this pair
big swing TP at 600 pips
i haven't entered yet just watching for a entry
CHF-JPY is retesting a horizontal resistance level
And while Japanese Yen is still weak
The levels seems to be strong
And I think that we might see a bearish correction
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Technical view on the market, which isn't an invitation to buy or sell, But only for learning purposes and sharing my thoughts.
Always use a proper risk management in trading.
Be safe and trade responsibly
Hope you all are doing good!!
I expect CHFJPY to go Down.
Look for your SELL setups.
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Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management.
Market can evolve anytime, hence, always...
✅CHF_JPY is going up after a strong breakout
However, a resistance level is nearby
And I am expecting the pice to fall
From the resistance to retest the support below
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