CHF/JPY could RISE!
Hey tradomaniacs,
CHF/JPY with the second attempt to break above the key-resistance-zone 👉
It looks like this is a valid breakout with a continuation very soon!
Comparing both moves above the resistance you can see that the price has found demand and flipped the previous upper trendline into a support.
Volume, volatility and momentum has been very bullish so far as.
1️⃣ Volatility
Has been low with the breakout compared to the false breakout in the past. A high ATR-Value and so volatility is often a sign of stop-loss-fishing.
2️⃣ Volume
In scenario one the volume was not chasing the price to the upside showing refusal of higher prices.
Additionally, open interest was very weak at the breakout-zone.
Now we can clearly see that the market accepts higher prices and follows the current momentum.
I`m watching this pair and look for a long-entry as soon as price breaks the above the previous highs as a potential double-top is still possible.
LEAVE A LIKE AND A COMMENT - I appreciate every support! =)
Peace and good trades
Irasor
Wanna see more? Don`t forget to follow me!
CHF/JPY with the second attempt to break above the key-resistance-zone 👉
It looks like this is a valid breakout with a continuation very soon!
Comparing both moves above the resistance you can see that the price has found demand and flipped the previous upper trendline into a support.
Volume, volatility and momentum has been very bullish so far as.
1️⃣ Volatility
Has been low with the breakout compared to the false breakout in the past. A high ATR-Value and so volatility is often a sign of stop-loss-fishing.
2️⃣ Volume
In scenario one the volume was not chasing the price to the upside showing refusal of higher prices.
Additionally, open interest was very weak at the breakout-zone.
Now we can clearly see that the market accepts higher prices and follows the current momentum.
I`m watching this pair and look for a long-entry as soon as price breaks the above the previous highs as a potential double-top is still possible.
LEAVE A LIKE AND A COMMENT - I appreciate every support! =)
Peace and good trades
Irasor
Wanna see more? Don`t forget to follow me!
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