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CHF/JPY: Daily Spinning Top pushing the price up


CHF/JPY produced a spinning top at a flipped support on the daily chart. The price has been bullish in intraday charts. The H1 chart suggests that the price has been in consolidation after making a strong bullish move. The pair is trading around a flipped level of support. If the level holds the price and pushes towards the North, the buyers may go long in the pair above wave’s highest high.

Chart 1 CHF/JPY H1 Chart

The chart shows that the price made a breakout at yesterday’s highest high. It then consolidated and made another breakout. It had another rejection at 111.380. Since then, it has been in consolidation again. The level of 111.380 has been working as a level of resistance, and the level of 111.150 has been working as a level of support. The pair produced a hammer; however, it has not created any bullish momentum yet. If the price heads towards the North and makes a breakout at 111.380, the buyers may trigger a long entry and push the price towards the North further.

Trade Summary:

Entry: Buy above 111.380
Stop Loss: Below 111.150
Take Profit 1: 111.500
Take Profit 2: 111.650
Take Profit 3: 111.870

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