CHF/JPY: 2nd Chance For Traders After Bullish Engulfing
Forex4you | May 05, 2015 08:35AM ET
Monday's bullish CHF/JPY set-up on the 4-hr chart went a little higher , but failed to hit the target and then fell back down again.
Well, now another bullish set-up has occurred on the 4-hr chart, this time a bullish engulfing candlestick, so traders have a second chance. The set-up has also formed in the trading-zone between the 10 and 20 MA's
MACD is moving up line with the up-trend, and is not diverging bearishly.
A break above the engulfing candle highs at 129.44 would provide bullish confirmation of further upside, with a target at the level of the height of the engulfing candle extrapolated up, which gives a target at 131.01.
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