The CHF/JPY currency exchange rate recently passed below the 124.00 level. In addition, the support of the 50-four hour period simple moving average was passed and the technical levels started to provide resistance at 124.50.

In the near term future, the rate was highly likely going to look for support in the 123.50 level, which kept the rate up during late October. A passing of the support of the 123.50 mark could result in a decline to the 121.94/122.35 and the 200-hour simple moving average near 122.30. The pair is showing impulsive sequences in the cycle from the September 20th low.  Recently it made clear 3 waves  pull back and found buyers at the blue box as we expected.  In this technical blog we’re going to take a quick look at the charts of CHFJPY published in members area of the website and explain the Elliott Wave structure and trading strategy.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

The pair is showing impulsive sequences in the cycle from the September 20th low.  Recently it made clear 3 waves  pull back and found buyers at the blue box as we expected.  In this technical blog we’re going to take a quick look at the charts of CHFJPY published in members area of the website and explain the Elliott Wave structure and trading strategy. Eventually the pair has given us leg down toward blue box as expected. Buyers appeared at the marked zone and we are getting reaction from there. The rally from the blue box reached and exceeded 50 fibs against the ((b)) black connector. As a result members who took long positions should make them risk free ( move stop loss at the entry point) and also took partial profits. As far as the price stays above current low: 123.5, we can consider 4 red pull back done however need to see break above 10/21 – 3 red peak to confirm next leg up is in progress.

Swiss Franc expected to make another leg up

Nov 10 2021

Stop Loss -0.77%

Holding time 7d9hr

123.929

Entry price

122.976

Stop loss price