Tue, Aug 09, 2022 @ 14:40 GMT
HomeContributorsTechnical AnalysisCHFJPY – Taking Advantage of Weakening Yen

CHFJPY – Taking Advantage of Weakening Yen

First time since 2007, SNB have increased their interest rate by 50 basis points. This occured as soon as the FED raised their interest rates. We saw a surge in the market one that day in CHFJPY. Therefore, the next step was us to wait for a 3 or a 7 swing correction. A good way to take advantage of the weak yen.

The opportunity we spotted – 1 Hour – 23th June 2022

Wave 4 is unfolding in a zigzag. Also met the minimum Fibonacci Retracement requirement of wave 4 of up to 23.6%. As you can see from the above we entered into the BlueBox zone. The BlueBox zone is wave ((c)) = ((a)) at the extreme of wave ((b)).

How is it looking now? – 1 hour – 24th June 2022

We quickly responded to this by taking 50 profits off the table, as soon we reached 50% back from wave ((b)). And then we moved the stoploss at the extreme of wave 4.

Now that we are risk-free, we will immediately wait for wave 3 extreme to break. Our target is Fibonacci Inversion of 1.236% of wave 4 at 142.37 – minimum target of wave 5.

Alternative this can turn into a double correction – either way – we will buy again then considering that we are now risk free.

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading