We saw a surge in the market in CHFJPY last week. First time since 2007, SNB have increased their interest rate by 50 basis points. This occurred as soon as the FED raised their interest rates. Therefore, the next step was us to wait for a 3 or a 7 swing correction. A good way to take advantage of the weak yen. As you know we are not fundamental analysts but we are aware of the world’s macroeconomics. More often than not, macros are in line with our wave count.
The Opportunity We Spotted – CHFJPY 1 Hour Update – 23th June 2022
Wave 4 is unfolding in an Elliott wave zigzag structure. Also met the minimum Fibonacci Retracement requirement of wave 4 of up to 23.6%. As you can see from the above we entered into the Blue Box zone. The Blue Box zone is wave ((c)) = ((a)) at the extreme of wave ((b)).
How is it looking now? – CHFJPY 1 Hour Update – 24th June 2022
Source: https://elliottwave-forecast.com/forex/chfjpy-taking-advantage-weakening-yen/