ForecastCity_ME

CHFJPY, Technical Analysis Update

Long
FX:CHFJPY   Swiss Franc / Japanese Yen
Trading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (114.3). if so, traders can set orders based on Price Action and expect to reach short-term targets.

Technical analysis:
. CHFJPY is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 36.

Take Profits:
TP1= @ 113.85
TP2= @ 113.10
TP3= @ 112. 40
TP4= @ 111.80
TP5= @ 110.45

Trade Setup:
We opened 5 SELL trade(s) @ 114.07 based on 'Peak' at 14.07.2020:

Total Profit: 286 pip
Closed trade(s): 22 pip Profit
Open trade(s): 264 pip Profit

Closed Profit:
TP1 @ 113.85 touched at 07.15.2020 with 22 pip Profit.

Open Profit:
Profit for one trade is 114.07(open price) - 113.41(current price) = 66 pip
4 trade(s) still open, therefore total profit for open trade(s) is 66 x 4 = 264 pip

SL: Break Above R2

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