CHFJPY pair described in the previous post slowly but effectively after determining the level of the right arm tends to the neck line, at this moment it still has to travel 140 pips to the south. Perhaps it is worth to open Sell with Stop Loss near the previous high on H1 – 114.80. Of course the most interesting event is ahead of us and the answer to question how will the price behave at the neck line 112.50. Dynamic break out gives us a good chance for 500-600 pips rally.
GBPJPY – called by many “a butcher” due to high daily variability and susceptibility to macro data. On this pair we have inverted Head & Shoulders formation under construction , where the shoulder line is already set (green zone).
Such formation will be completed if price reaches the level of neck line, in our case it will be (blue) zone around 143.00-143.20. If break through the neck zone will be successful, we can expect 400 pips rally corresponding to the height of the H&S formation, that means the goal may be around 147.00.