CHF JPY Now Confirmed Bullish Outlook

CHF JPY Now Confirmed Bullish Outlook

A couple of Week’s back I posted details of CHF:JPY as being a potential swing long entry as the daily 200 MA offered support offering an initial upside target of 91.37 and a break beyond that would provide fresh air through to 94.44

That post can be found here.

It was my intention to talk in further detail with regards to the upside potential on CHF:JPY over the Weekend but unfortunately family circumstances prevented me from doing so.

So, as a late update to the situation here’s a quick chart showing price having broken through resistance at 91.37 and from what I can make out there is very little in the way to prevent it achieving the 50% Fib level at 94.44

Well, I say that, but anyone trading the long side of CHF will surely have the odd fly-by thought of SNB intervening again whilst trying to get to sleep at night… be careful with stop loss placement!

For me, because I missed the earlier opportunities to enter this trade, I’ll be actively seeking intraday set-ups to position long, probably with stop loss set below this Week’s low.

2 Comments
  • Olu
    Posted at 14:39h, 21 March

    Excellent analysis on the chfjpy.

  • RS2OOO
    Posted at 21:45h, 22 March

    Just to follow this analysis up, I was looking to buy a pull back as a way to enter a long position on CHF:JPY but there are a few aspects of the current pull back that I have concerns about, so at this moment in time I’m not looking to enter a position.

    Basically, my system gave a sell signal on the break of 91.15 so I need to see how this resolves itself before taking any action.