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.
Please read the disclaimer about risk evolved in trading!