MEX_Exchange
Long

CHFJPY testing major support, prepare for a bounce

FX:CHFJPY   Schweizer Franken/Japanischer Yen

Buy above 115.90. Stop loss at 115.44. Take profit at 117.10.
Reason for the trading strategy (technically):
Price is testing major support at 115.90 (61.8% Fibonacci extension , horizontal overlap support, Fibonacci retracement ) and we expect a strong bounce from this level to push price up towards 117.10 resistance (50% Fibonacci retracement , horizontal overlap resistance).
Stochastic (55,5,3) is seeing major support above 5.9% where we expect a corresponding bounce from.
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