• Add
    Company

CHF/JPY: Bullish consolidation, what is next?

EagleFX

CHF/JPY has been bullish in the daily chart. The price has been heading towards the North with good bullish momentum. The H4 chart shows that the price upon producing a bullish engulfing candle headed towards the North. It has been in consolidation. If consolidation support produces a bullish reversal candle, the buyers may go long above consolidation resistance and push the price towards the North further.

Chart 1 CHF/JPY H4 Chart


The chart shows that the price found its support around 112.950 and produced a bullish engulfing candle. The price headed towards the North and consolidated for a while. It then made another bullish move upon producing a bullish engulfing candle. It has had a rejection at 114.350 and had a bounce at 114.070. If the level produces a bullish reversal candle, the buyers may go long above the level of 114.350.

Trade Summary:

Entry: Buy above 114.350

Stop Loss: Below 114.070

Take Profit 1: 114.590

Take Profit 2: 114.780

Take Profit 3: 115.090

EagleFX Review

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}