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CHF / JPY with a buy opportunity with the trend

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The currency pair is on an upward trend and has reached a key point in testing the lower trend line and 38.2 Fibo. Demarker forms a reversal in the oversold zone to 0.3. We have price action of the last two days as on 26th of October we have a bearish candle with a long drawn shadow (line test), a pinbar candle on the next day and today the candle has attempted to climb over the last peak where it has encountered the 200-year moving average.

Aggressive Scenario: Search for buy-in to current levels with a stop loss 111.290.

Conservative scenarios: Waiting for the price to close above 38.2 first and second the price to make a successful test at the previous peak, where the 200-year intermediate strike. For full confirmation, it is good to wait for the price over 200 - period to close.

Alternative Scenarios: The price makes a highly reversible downward movement, breaking the current levels of support for a new bottom line trend to break the upward long-term trend.


 Trader Martin Nikolov

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