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Chfjpysetup

CHFJPY testing major support, prepare for a bounce Buy above 115.90. Stop loss at 115.44. Take profit at 117.10. Reason for the trading strategy (technically): Price is testing major support at 115.90 (61.8% Fibonacci extension, horizontal overlap support, Fibonacci retracement) and we expect a strong bounce from this level to push price up towards 117.10 resistance (50% Fibonacci retracement, horizontal overlap resistance). Stochastic (55,5,3) is seeing major support above 5.9% where we expect a corresponding bounce from.
Long
by MEX_Exchange
Bearish AnalysisOn the 1 Week, price has failed to create a Higher High to break the Weekly Resistance (Fib 0.50); instead created 2 Lower highs. A break of a Lower Low beneath the Weekly Trendline will confirm The Long term bearish Trend. Fib 0.382 has held strong since November and has proven to be an area of rejection/ confluence. Inverted Triangle forming on the 1 week so a Downtrend is expected if it breaks trendline. After breaking inner Trendline on the 4H, I expect a surge to the upside to test 4H Resistance before retracing to complete it's Bearish Trend. (The inner Trendline actually forms a longer Bearish trendline extending from October when viewed on the Weekly Time-frame.) If viewed from that angle, price has failed to break above that Trendline which is a 'partial' confirmation that Sellers are pushing buyers out. A Short term (120 + pips) Bearish trade can be taken within the Triangle once price retraces from the 4H, before looking for long Bearish Swing Trades.
by stoneage001
CHFJPY Short OpportunitySeems like bulls can't break through this resistance level and has made multiple tops as a result. The bullish momentum from which this came from has been made too intensely and the bulls seem exhausted (or some may already be taking profits at this level) as shown by the decreasing volume. Several reversal candle signals are visible such as the Bearish Engulfing, Tweezer Tops, and on lower time frames, Dark Cloud Cover. RSI is showing divergence as well. We wait either for a breakout of the trendlines or breakout of the neckline before entering trades.
Short
by UnknownUnicorn1066662