Chfjpyforecast
Hi Traders Possible Reversal On CHF/JPYHi Traders
CHF/JPY (Daily Timeframe)
A high probability, entry to go SHORT is forming @ 116.154 after the market found resistance @ 117.772. Only the upward break of 117.772 would cancel this bearish scenario.
Trade details:
Entry: 116.154
Stop loss: 117.772
Take profit 1: 115.199
Take profit 2: 113.581
Take profit 3: 110.944
Score: 6
Strategy: Bearish Trend Reversal
📢CHF/JPY Potential short Hey traders 👨💻
Looking at this pair we have had a H&S that has retraced back to the neck line and failed to go any higher. I now assume it will come back to retest the trendline and support around the 116.250 area. We must first clear the structure beneath it first. Adding this to my watchlist 👀
CHFJPY | Perspective for the new week | UpdateThis is a follow-up on my previous publication as we are yet to find a headway (see link below for reference purposes)... Recall, I mentioned in my last publication that we are in a long term uptrend situation on this pair. However, it appears the price is going through a corrective phase that might incite the much-expected rally in the nearest future.
In this regard and despite Bullish expectations, I am looking for a "quick" counter-trend opportunity with hopes of a rally in sight.
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Harmonic pattern (AB = CD)
Observation: i. Since the 16th of February 2021, Bears have been engaging the charts as I expect a transposition to a Harmonic pattern (AB = CD) this week.
ii. ABCD pattern with parameters explained below;
a. Leg A-to-B is expected to be in harmony with the potential C-to-D leg.
b. The B- to-C leg is currently hovering around 61.8% (with a possible 78.6% in the future) Fibonacci retracement of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move @ Y115.500/115.000 area.
iii. My Key level @ Y117.300 shall be my yardstick for Bearish expectations in the coming week as any spot below this level is good for me!
iv. This been said, I am advising that taking this trade requires utmost attention as we are generally on an uptrend and factors that might disrupt this set-up giving way for an immediate rally continuation can happen anytime... trade consciously :)!
Trading plan: SELL confirmation with a minimum potential profit of 200 pips.
Risk/Reward : 1:3.5
Potential Duration: 4 to 10days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
CHFJPY | Perspective for the new week | Follow-upWith 200 pips in our favour since my last publication, it appears we are close to another trading opportunity should the pattern transpose into expectations.
What appears to be a temporary Breakout of Y118.000 on the 15th Feb 2021 reveals that there is a strong presence to buying pressure around this area and could be a level to focus on in the nearest future for buying possibilities but before this happens, find below my expectations;
Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Trendline | Reversal pattern (Double Bottom)
Observation: i. The strong engulfing Bearish candle in the last couple of days after the breakout of Y118.000 is a sign that we might be experiencing "quick sells" - a correction wave in anticipation of a rally in the coming week(s).
ii. Since the beginning of the year buyers have done a great deal to keep price above Key level hereby confirming to us how powerful their presence is at this juncture in the market.
ii. In this regard, I have found two levels (Buy window I & II) to look out for buying options in the coming week(s).
iii. The Bullish Trendline on the weekly chart shall be a yardstick to maintain the Bullish bias as a Breakdown/retest of this line shall render this bias invalid.
iv. Now, if price decides not to reach any of the Buy windows, a close above Y118.000 could be a good opportunity to join the rally... Trade consciously :)
Trading plan: BUY confirmation with a minimum potential profit of 400 pips.
Risk/Reward : 1:3.5
Potential Duration: 15 to 25 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
CHF/JPY Rejection From ResistanceThis has had a big rejection from the resistance level and has continued down to support where it has finally slowed. I expect this to be a brief correction before continuing downwards.
For an entry to a short I want to see this break the support and then retest it as resistance. Then a short can be taken with a target at the next support of 113.819
CHFJPY Still BULLISH...Possible Rejection From Here!!!We managed to see a nice 261.8 fib level rejection followed by a BEARISH movement back to 161.8% fib level. Also, price level is currently near my moving averages which I expect a possible rejection here. Looking at the chart, we can see great BULLISH pressure holding CHFJPY for now. It have yet to breakout of the BULLISH climb momentum. Having said that, I expect movement to minimally test the 261.8% level once again with a potential breakout bringing price to the next fib level.
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CHFJPY WEEKLY FORECASTCHFJPY AFTER SUCCESFULLY BREAK THE PREVIOUS RESISTANCE ZONE...NOW IT BACK TO THE SAME RESISTANCE ZONE..
NOW THE RESISTANCE ZONE CAN ACT AS SUPPORT ZONE...WAIT FOR CONFIRMATION AND THEN GO LONG...
IF IT FAILS..THEN YOU CAN MAKE THREE TRADES WHICH SHOWN ABOVE...
TRADE CAREFULLY....
CHF/JPY Long From SupportBig correction seen on JPY pairs today. This is back into a support level now, need to see it hold up here and there should be a very good long opportunity. Can use the 4HR and 1HR timeframes to pinpoint the best entry point, it has shown no sign of turning higher or slowing down yet but it should do soon. MACD is well above 0 so still bullish and EMA's have not crossed for short yet and we want to see it stay that way for a long entry. Target can be set at 119.917 although there will be some resistance around 119.000 so could exit the trade there to secure the profit.
CHF/JPY Breaking Above ResistanceAs previously shown on a post this pair is at a resistance and is now breaking above. For an entry we want to see a retrace back to support and then a rebound upwards. I have set an initial target of 119.004 and then this can be swing traded to the following targets of 119.917 and 121.950
CHF/JPY could RISE!Hey tradomaniacs,
CHF/JPY with the second attempt to break above the key-resistance-zone 👉
It looks like this is a valid breakout with a continuation very soon!
Comparing both moves above the resistance you can see that the price has found demand and flipped the previous upper trendline into a support.
Volume, volatility and momentum has been very bullish so far as.
1️⃣ Volatility
Has been low with the breakout compared to the false breakout in the past. A high ATR-Value and so volatility is often a sign of stop-loss-fishing.
2️⃣ Volume
In scenario one the volume was not chasing the price to the upside showing refusal of higher prices.
Additionally, open interest was very weak at the breakout-zone.
Now we can clearly see that the market accepts higher prices and follows the current momentum.
I`m watching this pair and look for a long-entry as soon as price breaks the above the previous highs as a potential double-top is still possible.
LEAVE A LIKE AND A COMMENT - I appreciate every support! =)
Peace and good trades
Irasor
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CHF/JPY Looking To Breakout Above Big Monthly ResistanceThis is at a big monthly resistance level, it has rejected this level a number of times but I think it is likely to breakout above this soon as the price has been more stable than its previous attempts which were big spikes to this price. Price action is currently bullish as seen on MACD and EMA's, I want to see the breakout confirmed and then the support created before entering a long. After this a target of 121.950 can be set with SL below the support.