CHFJPY Shall we Buy or Shall we Sell [Long term scenaio]

1 Jun 2020

Analysis :

• Price is on a resisatnce zone,
  
• Price is inside a rising wedge pattern,
  
• Bulls are rejected on the rising wedge top bound.
  

Two Scenarios are forseen

Buy :

• Wait for the breakout of the higher bound of rising wedge pattern & retest,
  
• Wait for a rejection/continuation candle pattern to form e.g. bullish engulfing , pinbar , Insidebar etc,
  
• Initiate BUY order,
  
• Targets our supports zones [~112.45 & ~113.24],
  
• SL bellow rising wedge lower bound [~112.17].
  

Sell :

• Wait for a bearish reversal confirmation,
  
• Wait for a resisance zone breakout,
  
• Wait for a rejection/continuation candle pattern to form e.g. bullish engulfing , pinbar , Insidebar etc,
  
• Initiate SELL order,
  
• Targets the rinsing wedge lower bound [~111.47],
  
• SL above rising wedge upper bound [~112.36].
  

/!\** Disclaimer**/!\
The scenarios described in this analysis are subject to change at any time without prior notification. This analysis is provided as a decision support.

Traders! | if you like my analysis and it supports you in your trading decisions, please say it in a comment so we can manage the trade together.
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A bearish engulfing pattern has emerged at the bearish bat pattern potential reversal zone.
***This idea is only for educational purpose. Not a financial advice***
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