📍 CHFJPY - strong opportunity to reach new highs
Hi everyone! 👋🏼
Despite the recent significant shift in sentiment, this trade continues to exhibit robust bullish momentum, clearly reflected in its overall trend. Furthermore, the price has convincingly breached the daily pivot point of 167.815, resulting in a pronounced long lower shadow. This occurrence signals an uptick in buying pressure, which has crossed all the relevant moving averages. The prospect of a break beyond the 168.000 mark, coupled with the weekly pivot point at 168.689, would further intensify the upward pressure. Notably, hedge funds are actively buying CHF while selling JPY, adding another layer of potential upside to this trade.
Despite the recent significant shift in sentiment, this trade continues to exhibit robust bullish momentum, clearly reflected in its overall trend. Furthermore, the price has convincingly breached the daily pivot point of 167.815, resulting in a pronounced long lower shadow. This occurrence signals an uptick in buying pressure, which has crossed all the relevant moving averages. The prospect of a break beyond the 168.000 mark, coupled with the weekly pivot point at 168.689, would further intensify the upward pressure. Notably, hedge funds are actively buying CHF while selling JPY, adding another layer of potential upside to this trade.