Today’s CHF/JPY signal
Risk 0.33%
Trade can be entered any time, but preferably during Asian session.
Trade 1 - long
Buy at 106.45
Stop loss 105.80
Take full profit at 108
Trade 2 – short
Sell at 105.80
Stop loss at 106.45
Take full profit at 104.50
CHF/JPY Analysis
The CHF/JPY pair had previously been in a very strong downtrend, but recently we have seen a flight from the Japanese yen overall. Breaking above the 106 level was significant as it made a “higher high,” and of course there is quite a bit to be said for that particular move by itself. Beyond that, we have recently broken above the top of a significant downtrend line, and adding to that we are testing the 100-day exponential moving average. With this, it looks as if the market is trying to turn around in most young related pairs.
It should be said however that there is a significant amount of resistance above, so there is the possibility that we get a very short-term selling opportunity also. However, I would also recognize that we probably need to see Japanese and strength over all around various currency pairs in order to feel comfortable taking trade.
