CURRENCY PAIR: CHFJPY ;
Time Frame: 4H - 1H;
LONG OPPORTUNITY : Buying on support zone after broken trendline! Price show a Double bottom, neckline was broken and retested.
R/R Ratio : 2
CHFJPY is testing major support at 115.89 (Fibonacci retracement, horizontal overlap support, Fibonacci extension, Elliott wave structure) and a bounce could occur at this level to drive price up to at least 117.05 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) is seeing major support above 1.5% where a corresponding bounce ...
Buy above 115.90. Stop loss at 115.44. Take profit at 117.10.
Reason for the trading strategy (technically):
Price is testing major support at 115.90 (61.8% Fibonacci extension, horizontal overlap support, Fibonacci retracement) and we expect a strong bounce from this level to push price up towards 117.10 resistance (50% Fibonacci retracement, horizontal overlap ...
This pair has fallen down into the cloud and I am waiting for a breakout back up and out of it to look for an entry. I am targeting the top of the bullish cloud as my target. If our bullish confirmaitons end and switch to bearish, it will invalidate this setup
