CHF/JPY Trading Analysis (06/03/2024)

Bears are testing the support level at 169.40. The descending wave structures are truncated. There is bullish divergence on the Awesome Oscillator and the Stochastic Oscillator signals the overbought state.

Trading idea:

Buy at the formation of the ascending wave structure, when the wave A breaches the sloping channel of the downward truncated structure.

Stop-Loss under the local minimum of the descending structure at 169.40.

Target price levels at 170.05 and 171.50.

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