21 Mar 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.