CHF/JPY has some potential

CHF/JPY has some potential

Trade idea

BUY 109.00; TP1 109.30; TP2 109.60 

CHF/JPY formed a “bullish engulfing” pattern on the W1. On the smaller timeframes (D1 and H4), the price action very much resembles an inverted “Head and Shoulders” pattern. To aim for the bullish targets, the pair needs to overcome the resistance in the 108.85/109.00 area (moving averages on D1). 

Notice that there’s some bearish divergence on H4, so a move lower seems likely before we see any attempt for higher levels. The return below 108.35 will open the way down to the 108.00 area.

CHFJPY.png

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