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CJ

CHFJPY ReversalAnalysis done on the daily timeframe. If you follow me you may remember i posted a chart predicting the CJ short. FOMC was the main factor behind this move as i didn't expect it to go down as much as it did, but now is a great opportunity to look for buys. As you can see, i have a trendline drawn. Price has respected it each time it's come down. I also have some key support and resistance levels identified, as well as supply and demand zones. Price has bounced up from the middle zone already and it will probably keep retracing for a bit before coming back down. I'm personally looking to buy somewhere from the bottom pink zone, but it depends how long it takes for price to go down there - I may look to buy from 118.080 instead. I'm going to wait before i start entering anything. Updates to follow, follow me to see them.
Long
by darbova
3
CHFJPY Short... FinallyCHF has been gaining strength over the past day or so as i've been trading against it. If anyone can let me know why that is, then that would be appreciated, lol. Anyway, CJ has entered the zone where price last visited at the end of May, and this opportunity is the last one i'm going to take with this pair for this week. I'm looking to short with a SL of about 10-20 pips depending on my entry (will probably have a couple positions on). Trendline drawn from the daily/4H and we'll probably see CJ drop once that trend is broken. Until then, we may see price bounce up from it for a bit but my bias is long-term bearish. I'll be targeting up to 150 pips, updates to follow.
Short
by darbova