CHF/JPY support structure may lead to long term.
The CHF/JPY market looks very bullish due to the fact that it is using the previous resistance as support, as you can see from the massive spike the CHF/JPY pair made, it reached to 117 area from being at 112 previously and it broke through the resistance placed before which indicated that it was a big spike to the market.
Right after that, market went back to 115 area and broke through newly made support line which made it go back to the 112 area. However, it did touch the resistance and broke through it again with ease which indicates that the market is looking to rally up at the 115 area so that was a key indication.
Price than retested the support line 3 times which is a clear visualisation that I should place an buy stop once the candle stick is formed above the support line. I am hoping the market will touch the new 117 area.
Right after that, market went back to 115 area and broke through newly made support line which made it go back to the 112 area. However, it did touch the resistance and broke through it again with ease which indicates that the market is looking to rally up at the 115 area so that was a key indication.
Price than retested the support line 3 times which is a clear visualisation that I should place an buy stop once the candle stick is formed above the support line. I am hoping the market will touch the new 117 area.
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