CHFJPY Potential For Bounce | 8th Dec 2021

Prices are on a bullish momentum and abiding to our bullish trendline. We see potential for a bounce from our 1st support at 122.428 which is a graphical overlap and in line with 100% Fibonacci extension towards our 1st resistance at 123.135 which is an area of Fibonacci confluences. Breaking the 1st resistance will find prices climbing further towards our 2nd resistance at 123.421 in line with 161.8% Fibonacci projection. Technical indicators are also showing bullish momentum. Alternatively, our stop loss will be placed at 2nd support at 122.079 in line with 127.2% Fibonacci extension.

Trading Recommendation

Entry: 122.428

Reason for Entry:

Graphical overlap and area of Fibonacci confluences

Take Profit: 123.135

Reason for Take Profit:

Area of Fibonacci confluences

Stop Loss: 122.07

Reason for Stop Loss:

127.2% Fibonacci extension

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX