CHF/JPY has been bullish on the daily chart for three weeks. Last Friday’s candle came out as a bullish candle barely having an upper shadow. The H4 chart shows that the price has been in consolidation. The chart has already produced a bullish inside bar. The buyers may go long above today’s highest high. Let us have a look at the H4- CHF/JPY chart.
Chart 1 CHF/JPY H4 Chart
The chart shows that the price after making a strong bullish move has been in consolidation within 112.300-111.900. The level of 111.900 has already produced a bullish inside bar. As a reversal candle, an inside bar is a not a strong reversal candle, but a breakout at 112.300 may push the price towards the North further with good bullish momentum.
Trade Summary
Entry: Buy above 112.300
Stop Loss: Below 111.900
Take Profit 1: 112.500
Take Profit 2: 112.650
Take Profit 3: 112.900