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Chfjpytrade

CHF/JPY Long From SupportBig correction seen on JPY pairs today. This is back into a support level now, need to see it hold up here and there should be a very good long opportunity. Can use the 4HR and 1HR timeframes to pinpoint the best entry point, it has shown no sign of turning higher or slowing down yet but it should do soon. MACD is well above 0 so still bullish and EMA's have not crossed for short yet and we want to see it stay that way for a long entry. Target can be set at 119.917 although there will be some resistance around 119.000 so could exit the trade there to secure the profit.
Long
by olly48
CHF/JPY Looking To Breakout Above Big Monthly ResistanceThis is at a big monthly resistance level, it has rejected this level a number of times but I think it is likely to breakout above this soon as the price has been more stable than its previous attempts which were big spikes to this price. Price action is currently bullish as seen on MACD and EMA's, I want to see the breakout confirmed and then the support created before entering a long. After this a target of 121.950 can be set with SL below the support.
Long
by olly48
CHF/JPY to RetraceDue to the chaos caused in the markets this week by the Reddit group/Gamestop stock buying there have been big unexpected moves that have ruined some ideas on here. This is one of the lesser affected currency pairings as they are both safe haven currencies, but CHF is more so than JPY, that is why it moved in the direction it did. From here we can expect this to retrace down to support to at least the 0.382 Fibonacci level which aligns with the previous resistance level. This could climb a bit higher before turning back, I have marked out the previous peak with the blue line, this is where this could reach before turning back but I expect it to turn back before this level. Wait for the confirmation of a pullback before entering the trade, use MACD and EMA's and 1HR timeframe to see a sign of a retrace before shorting.
Short
by olly48