Facts:
The pair bounced off the key technical support area at 173.25
The pair is trading above the 100-period moving average from H4 interval
Recommendation:
Trade: Long position on CHFJPY at market price
Target: 176.00, 177.25
Stop: 172.22
Opinion: CHFJPY reached key technical support today. The price bounced off the lower limit of 1:1 structure, signalling that the short-term trend remains upward. The area marked with green colour on the chart below (near 173.25 handle) is also strengthened by the 38.2% Fibonacci retracement of the recent upward move started 3rd of April . According to the Overbalance strategy, as long as the price sits above the aforementioned 173.25 zone, one should expect the price to continue the upward move. In addition the pair is trading above the 100-period moving average. We recommend going long CHFJPY at market price with two targets: 176.00 and 177.25. We also recommend placing a stop loss order at 172.22. Source: xStation5
