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