Trend breakout on the daily time frame. Wait for the retracement and retest to 105.600 than appropriate price action signals for a long entry on this pair. If price bounces from 21 moving average and forms price action signals through candlesticks to buy e,g pin bar or bullish engulfing , entry will be more powerful as this is a strong 0.618 Fibonacci level on the...
Expecting to see a much higher push of CHFJPY to the up side given the fact that it broke out of the bullish flag and now violated market structure, but first we might see a slight pullback to the 114.791 zone. My first expected TP on this trade is 115.344 followed by 116.00.Wait for pullback to enter great buying opportunity on this pair. What d you guys think?
Weekly Analysis explained:
1) Breakout of resistance level (The zone in grey)
2) Resistance now acts as support
3) 21 moving average has been broken and now acts as dynamic support
4) Price has reached the 50% fibonacci level which acts as an add-on confluence
5) Morning Star Candlestick partten formation, which is a trend reversal signal indicating that buyers...
