CHFJPY Target Completed! (Update)
Hey traders!
This article will be an update on our last setup in CHFJPY that I shared back in November this year.
The good news is we’re done with the target! The question is what from now?
Let’s have a look at what happened on CHFJPY daily chart:
Check out my last CHFJPY analysis and setup here.
As you can also see on the chart above, the price was chopped for some time before it reach our predefined target. That’s the moment when many traders are giving up on trade. I can understand it is difficult to say when it doesn’t move at all, but at the end of the day, we set targets, and stop-loss levels and defined the trade management rules. If there were no time limits while we found the setup and created the trading strategy, then we follow the rules uncompromisingly.
Well done, but what from now?
The bearish leg that formed was the first low, lower than the previous one. And now the price is correcting back to levels above 61.8% of Fibo retracement.
147.00 is a psychological level, where we also have a hidden level of resistance acting as support. Additionally, we have trend line resistance and the market reacted to that area of confluence. However, the price action is not convincing for a sell at this moment, but It is worth keeping an eye out for potential price action sell signals.
In an event of a strong breakout above 147.00, that could mean a potential buying pressure and momentum buy signal could appear.
Fundamentally we know JPY is not in a strong position, but that seems like is changing. For CHF in the economic calendar this week we see SNB Policy Rate and the press conference which could have a high impact. Underdeliver SNB could have a negative impact on the currency and an over-deliver SNP positive impact.
What’s your thought on CHFJPY from current levels? Are you bull or bear here?
You can join me trading live in XM live Trading Session both in Beginner and Advanced Rooms every single day! See you there!
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