Currently the CHFJPY is at 112.73.
CHFJPY setting up for a nice 25-50 pips to the upside. Structure says, we'll be looking for the 4th wave completion to the top of the current channel. Once we break out of the current falling wedge, we will have 2 targets @113.05 and 113.25-40 level.
Next week, we'll be waiting for the move out of the CHF once they reach the 0.9000 psychological number.
Keep in mind we are still inside the current falling wedge; but a good entry to the LONG side still exists. It appears they have found buyers at the 112.60 level.
A good potential entry would be: LONG @112.60-50 levels STOP @112.20 TARGETS @113.05 - 25
Next potential set of buyers likely will be at the 1.618 Fib extension @112.40- So we might still have some small room to the downside.
As always confirm your entries by going into your 60-min chart and 10-min --- look out for technical patterns that will confirm the move to the upside.
IMPORTANT DISCLAIMER:
These comments are for information purposes only. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Do not trade without proper research on the asset. This is an opinion ONLY – and not a trade call, but this analysis may lead you to a trade. The information contained on this document does not constitute a solicitation to buy or sell an asset by FOREXTRADINGZONES.COM.
CHFJPY setting up for a nice 25-50 pips to the upside. Structure says, we'll be looking for the 4th wave completion to the top of the current channel. Once we break out of the current falling wedge, we will have 2 targets @113.05 and 113.25-40 level.
Next week, we'll be waiting for the move out of the CHF once they reach the 0.9000 psychological number.
Keep in mind we are still inside the current falling wedge; but a good entry to the LONG side still exists. It appears they have found buyers at the 112.60 level.
A good potential entry would be: LONG @112.60-50 levels STOP @112.20 TARGETS @113.05 - 25
Next potential set of buyers likely will be at the 1.618 Fib extension @112.40- So we might still have some small room to the downside.
As always confirm your entries by going into your 60-min chart and 10-min --- look out for technical patterns that will confirm the move to the upside.
IMPORTANT DISCLAIMER:
These comments are for information purposes only. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. Do not trade without proper research on the asset. This is an opinion ONLY – and not a trade call, but this analysis may lead you to a trade. The information contained on this document does not constitute a solicitation to buy or sell an asset by FOREXTRADINGZONES.COM.
