CHF/JPY – Potential Reversal Setup
CHF/JPY – Potential Reversal Setup
The **Swiss Franc/Japanese Yen (CHF/JPY)** pair has been in a downtrend, but recent price action suggests a potential **bullish reversal** is forming.
Key support at **165.059 - 166.234** has held strong, with multiple rejection wicks (highlighted in red ovals), indicating **buying pressure** at these levels.
A **double bottom pattern** is emerging, further strengthening the case for a possible upside move.
The **Fibonacci retracement levels** align with key resistance zones, with **175.632 and 178.814** as major upside targets.
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## **📈 Bullish Confirmation & Upside Potential:**
✅ Price is bouncing from a **strong support zone** 🚀
✅ A breakout above the **moving average (dynamic resistance)** could trigger further buying momentum
✅ **Risk-to-reward ratio** is favorable for a long setup
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## **🎯 Key Targets:**
🔹 **First target:** 170.000 (Psychological Level)
🔹 **Second target:** 175.632 (Major Resistance Zone)
🔹 **Final target:** 178.814 (Upper Fibonacci Extension Level)
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## **🔻 Risk Management:**
❌ **Stop-loss below** 165.059 to protect against further downside
❌ Avoid overleveraging & follow proper **risk-to-reward ratios**
The **Swiss Franc/Japanese Yen (CHF/JPY)** pair has been in a downtrend, but recent price action suggests a potential **bullish reversal** is forming.
Key support at **165.059 - 166.234** has held strong, with multiple rejection wicks (highlighted in red ovals), indicating **buying pressure** at these levels.
A **double bottom pattern** is emerging, further strengthening the case for a possible upside move.
The **Fibonacci retracement levels** align with key resistance zones, with **175.632 and 178.814** as major upside targets.
---
## **📈 Bullish Confirmation & Upside Potential:**
✅ Price is bouncing from a **strong support zone** 🚀
✅ A breakout above the **moving average (dynamic resistance)** could trigger further buying momentum
✅ **Risk-to-reward ratio** is favorable for a long setup
---
## **🎯 Key Targets:**
🔹 **First target:** 170.000 (Psychological Level)
🔹 **Second target:** 175.632 (Major Resistance Zone)
🔹 **Final target:** 178.814 (Upper Fibonacci Extension Level)
---
## **🔻 Risk Management:**
❌ **Stop-loss below** 165.059 to protect against further downside
❌ Avoid overleveraging & follow proper **risk-to-reward ratios**
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.