We saw a surge in the market in CHFJPY last week. First time since 2007, SNB have increased their interest rate by 50 basis points. This occurred as soon as the FED raised their interest rates. 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. As you know we are not fundamental analysts but we are aware of the world’s macroeconomics. More often than not, macros are in line with our wave count.
The Opportunity We Spotted – CHFJPY 1 Hour Update – 23th June 2022
Wave 4 is unfolding in an . 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 Blue Box zone. The Blue Box zone is wave ((c)) = ((a)) at the extreme of wave ((b)).
How is it looking now? – CHFJPY 1 Hour Update – 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 stop loss 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.
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Source:-forecast.com/forex/chfjpy-taking-advantage-weakening-yen/
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