CHFJPY Breakout Thesis: Anticipating New Highs
Updated
The CHFJPY pair has been showcasing a significant breakout early this year, surpassing the crucial 170.500 level. After reaching a peak at 171.484, it retraced to 169.766, where it demonstrated a classic "base-rally-base" price action, underpinned by substantial volume, confirming its bullish momentum. As it now positions itself above the 170.500 mark once again, the bias is leaning towards a breakout beyond the previous high of 171.484. This movement suggests a robust potential for further bullish advancement, making it a focal point for traders eyeing substantial opportunities in the 
currency markets.
Trade active
reached my initial T/P level @ 171.211I set my Trailing Stop to Today's Open
Trade active
As the CHFJPY continues its journey above the significant 170.500 level, I remain steadfast in my bullish bias. The key to this conviction lies in the harmonious relationship between price action and volume – the fundamental elements of my trading strategy.Trade closed: stop reached
Closed position at the Today's Opening Price. Failed to Break above the 171.484
I still got 1% of the risk as profit for this set up.
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