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CHFJPY – Sellers on the track
Trend: Strong Sell
Market on CHFJPY currency pair is in buyers...
CLQ18 is approaching resistance zone and can potentially head back to 6550 at least. This lower TF setup is based on Gann fan 1x1 line potentially attracting supply as well an inside fork centerline being tested currently. Stop buys should be above 6650 and 2R target around 6550.
Given the huge amount of "open space" in between the most recent broken structure and the next support level, if the price doesn't fall straight to final target zone I' m going to wait for a retracement into one of the 2 hot price levels defined by significant structures broken to the downside. The two scenarios are depicted by dash lines. I've set alerts on both...
As expected in this pair continues to head south.
Right now, anyway, a nice bullish engulfing on daily is setting up at completion of an abcd harmonic move to the downside.
On lower timeframe (4h) a double bottom already completed with bullish RSI divergence.
This could trigger a nice...
I don't place trades off of the daily timeframes but I do watch them on a consistent basis as part of my top-down analysis and GBPJPY has been one that has been in some what of a fight as of late.
After easily rallying up into structure it's come to a halt and it looks as if the bulls may be running out of steam. Just look at the wicks, they're trying to push...
Bullish Cypher pattern in the 1h timeframe is completing in an potential bouncing area defined by relevant daily structure (recently broken to the upside).
Action: buy at cypher completion and look for continuation.