CHF/JPY Analysis: Potential Double Bottom Breakout
In this chart, I'm analyzing a potential double bottom breakout in the CHF/JPY pair after a downward trend. The price has been moving down and hit a strong demand zone between 174.125 and 174.300, where buyers seem to have stepped in, pushing the price upward.
Technical Observations:
Potential Breakout of Double bottom: The price is trying to break out of the double bottom, which could signal a further upward movement.
Breakout and retest: If the price gives a break out, there might be a small retest and eventually starting moving towards the target.
Target Levels: If the breakout is sustained, my first target is around the 175.810 level, with a secondary target at 176.290, which aligns with previous resistance levels.
Stop-Loss: I've set my stop-loss below the 4h breakout candle if the breakout fails.
Technical Observations:
Potential Breakout of Double bottom: The price is trying to break out of the double bottom, which could signal a further upward movement.
Breakout and retest: If the price gives a break out, there might be a small retest and eventually starting moving towards the target.
Target Levels: If the breakout is sustained, my first target is around the 175.810 level, with a secondary target at 176.290, which aligns with previous resistance levels.
Stop-Loss: I've set my stop-loss below the 4h breakout candle if the breakout fails.
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