CHF/JPY Waiting for a Breakout
The CHF/JPY pair is currently sitting at the boundary of the 115.00 resistance and has been range trading between this resistance and the 113.00 support level. This trading range has been significant to this pair, not only currently but over the past year. Even though it sits at the upper boundary, I believe the pair will fall back down to the support level and then break through that level to form a downward trend.
I make this analysis looking at the Daily chart, and for this analysis to play out may take a month or more. I strongly believe though, that technical analysis is much more accurate on higher time frames than lower timeframes. Like any empircal set of data in scienec, the more data you have, the more likely it is to be accurate.
I understand that the majority of traders don't have the patience to watch a trade be open for a month or more. But studies show that one of the largest contributors to the failure of traders is over trading. If you'e serious about being a trader, then make the attempt to work on your patience, keep a journal (I recommend EDGEWONK.com), and trade what you see, not what you think.
IF you support this analysis, then please give it a like and then go check out my page to view my previous analyses and give me a follow.
GOOD LUCK FELLOW TRADERS!
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