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CHF/JPY: The buyers waiting to push it further up

EagleFX

CHF/JPY has been bullish in the daily chart. The pair has produced four consecutive daily candles. Today’s price action in the H4 chart suggests that the pair may continue its bullish journey. As of writing, the last candle came out as a bearish candle. The current candle has been bullish so far. If the candle comes out as a bullish reversal candle, the buyers may find an opportunity to go long in the pair.

Chart 1 CHF/JPY H4 Chart


The chart shows that the price has been bullish in the H4 chart upon producing a bullish engulfing candle at 112.940. It then consolidated and headed towards the North. It had a rejection at 114.685 and found its support at 114.485. As of writing, the price is trading above consolidation resistance. If it comes out as a bullish engulfing candle, the buyers may trigger a long entry right after the candle closes. If it comes out like other bullish reversal candles, the buyers may trigger a long entry above the level of 114.485.

Trade Summary:

Entry: Buy above 114.685

Stop Loss: Below 114.485

Take Profit 1: 114.950

Take Profit 2: 115.220

Take Profit 3: 115.315

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