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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