CHFJPY: HTF Rising wedge for a potential REVERSE!

Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the CHFJPY, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.

Higher timeframe:

Lower timeframe:

Since March 2022, this market has been moving inside a rising wedge, breaking out an interesting swing at around 140.000.
Although the third touch of the top of the main structure, in LTF it’s still moving with a price action slightly bullish.

When, where and why would we step into the market?
For a better entry point and RR, we would be waiting for the price to reach the LTF swing high and see the further price action, how the price will react and/or if it will break or reverse.
At the moment, not so many bearish confluences to enter a position, but we are gonna keep this market in watchlist to study its next movement.

If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!

Sincerely,
Cybernetics Trading Lab

הערה:

We were expecting to see the market taking out the previous swing before a drop, however, high volatility during the next week formed such a great movements.
A revisit of the top of the structure is expected, as a deeper market development and grab of liquidity!