CHF/JPY was in a downtrend for a long time, continuously moving lower. But when it hit support at 166.00, the price stopped falling, and buyers stepped in, pushing it back up. This level became a key turning point, preventing further drops.
After bouncing from 166.00, CHF/JPY started showing signs of going up and even broke above the trendline that was holding it down. This breakout is a sign that the market may be changing from a downtrend to an uptrend, meaning the price could keep rising.
With this breakout, our first target is 169.60, which is a resistance level where the price might slow down or take a break before moving higher. If buyers stay strong, our second target is 170.95, another important level where the price could face some resistance.
After bouncing from 166.00, CHF/JPY started showing signs of going up and even broke above the trendline that was holding it down. This breakout is a sign that the market may be changing from a downtrend to an uptrend, meaning the price could keep rising.
With this breakout, our first target is 169.60, which is a resistance level where the price might slow down or take a break before moving higher. If buyers stay strong, our second target is 170.95, another important level where the price could face some resistance.
Trade active
Target 169.60 has been successfully reached.Trade closed: target reached
Second Target 170.95 Hit. We've closed our position. Long-term holders can stay in but should move the stop-loss to the entry point.
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.