CHFJPY - YEN RETRACEMENT OVER?
The fib .618 gives the Yen a very strong support looking at the daily Index chart for Japanese Yen. Yen has been ranging within the last 2 weeks sitting right on top of the fib.618 level but yesterday broke out of range with that long green elephant bar.
A break below 172.6 level could see this pair drop harder as it has failed to reach previous high and presently consolidating.
A near perfect Broadening wedge formation somewhat indicating a reversal is looming after a long bullish trend. Usually in this case if current swing fails to reach previous high or break above it, we anticipate price to drop hard targeting Price objective for Broadening Wedge formation (160.80).
Looking out for potential SHORT scalps on this pair on the break of 172.60 level targeting next support (W1) of 169.25.
A break & close above resistance will nullify analysis.
A break below 172.6 level could see this pair drop harder as it has failed to reach previous high and presently consolidating.
A near perfect Broadening wedge formation somewhat indicating a reversal is looming after a long bullish trend. Usually in this case if current swing fails to reach previous high or break above it, we anticipate price to drop hard targeting Price objective for Broadening Wedge formation (160.80).
Looking out for potential SHORT scalps on this pair on the break of 172.60 level targeting next support (W1) of 169.25.
A break & close above resistance will nullify analysis.
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Playing out just nice. Price finally broke the 172.60 level. SHORT Scalps al the way to first target level.
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Roughly 80 pips away from our first target. Another beautiful week.
Trade closed: target reached
My first SHORT Target level reached (169.25). Will continue to look out for quality SHORT setups till PRICE OBJECTIVE IS MET.
CHF weakening and JPY strengthening makes this pair a very attractive one to look at.
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Guys we are back again on this pair. Look forward to SHORT scalps once more. Will be on the look out for good setups until Price Objective is met.
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and let the SHORT SCALPS BEGIN once again
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