On the weekly time frame we can see that CHFJPY reached a possible strong support level where we can see a couple strong bounces previously at this level. Last week we also got a Bullish Engulfing candle, a strong reversal signal if they show up at the right level.

On the daily time frame, we have a possible double bottom scenario, where today’s candle gaped above the neckline to then trade back down to close the gap. I am looking for a possible continuation higher here if the price manage to break back above that neckline and the Monthly R1.

The 4H time started a micro trend with higher highs and higher lows, but as you see here the price is at key resistance level and for more upside we need to see a clear and strong break above the neckline looking left and above the monthly R1. If a strong break happen i will be looking for the correction to buy using the trend line as a possible support level to buy the dip at. Target is previous major structure resistance at 112,000 area. A break of the trend line will invalidate the idea and that could mean price is going to test the lows once again.

Happy trading…
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