CHF/JPY has been bullish on the H4 chart. The price after being bullish has been on a consolidation. The last breakout level may hold the price as a flipped level of support. If that happens, the buyers may get an opportunity to go long on the pair upon a bullish breakout at the last highest high.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
CHF/JPY Daily Price Forecast – 16th Jan 2020
The chart shows that the price has kept making higher highs for the last few days. Yesterday’s candle came out as a bullish candle closing within the level of 114.055. The price had a rejection at that level. It has been on consolidation since then. It may come down further to find its support. The chart suggests that the level of 113.700 may hold the price as a level of support. If it produces a bullish reversal candle, the buyers may go long upon an H1 breakout at the level of 114.055. Let us have a look at the summary of the trade…
- Entry: buy above 114.161
- Stop Loss: Below 113.782
- Take Profit: 114.670
The daily chart has been very bullish. Thus, the pair may head towards the North further. The buyers may consider taking partial profit and let the rest of it run to get them more pips. The daily chart may produce a bearish corrective candle before making the next bullish move. In that case, the H4 buyers may have to wait until it produces another bullish daily candle on the chart. The fact remains, any bullish breakout at the highest high of the wave, it remains a buyer’s territory.
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