After filling the gap, a break above 110.51 is a good buying opp
Date: May 4, 2018
Asset and TF: CHFJPY
Entry: 110.51
Exit/TP: 112.91
SL: 109.01
Profit/Loss:
Fundamental Analysis: As both currencies are safe haven during risk-off period where CHF react favorably that JPY, this trade will materialize in case of a risk-off event. If there will be no risk-off event, the market may continue to go down up to 108.75.
Technical Analysis: Forming a potential Bullish divergence. If the price comes back to the recent support level of 110.46 (which was broken), the momentum has shifted in favor of the bulls.
Risk Reward Ratio: 148 pips risk with 241 pips reward
Mindset: Given that the ADR for this pair averages from 60-73 pips, this trade may take a while to be completed. Potentially after 2-3 weeks.
Asset and TF: CHFJPY
Entry: 110.51
Exit/TP: 112.91
SL: 109.01
Profit/Loss:
Fundamental Analysis: As both currencies are safe haven during risk-off period where CHF react favorably that JPY, this trade will materialize in case of a risk-off event. If there will be no risk-off event, the market may continue to go down up to 108.75.
Technical Analysis: Forming a potential Bullish divergence. If the price comes back to the recent support level of 110.46 (which was broken), the momentum has shifted in favor of the bulls.
Risk Reward Ratio: 148 pips risk with 241 pips reward
Mindset: Given that the ADR for this pair averages from 60-73 pips, this trade may take a while to be completed. Potentially after 2-3 weeks.