CHF/JPY – Potential Reversal SetupCHF/JPYOANDA:CHFJPYmywork072CHF/JPY – Potential Reversal Setup The **Swiss Franc/Japanese Yen (CHF/JPY)** pair has been in a downtrend, but recent price action suggests a potential **bullish reversal** is forming. Key support at **165.059 - 166.234** has held strong, with multiple rejection wicks (highlighted in red ovals), indicating **buying pressure** at these levels. A **double bottom pattern** is emerging, further strengthening the case for a possible upside move. The **Fibonacci retracement levels** align with key resistance zones, with **175.632 and 178.814** as major upside targets. --- ## **📈 Bullish Confirmation & Upside Potential:** ✅ Price is bouncing from a **strong support zone** 🚀 ✅ A breakout above the **moving average (dynamic resistance)** could trigger further buying momentum ✅ **Risk-to-reward ratio** is favorable for a long setup --- ## **🎯 Key Targets:** 🔹 **First target:** 170.000 (Psychological Level) 🔹 **Second target:** 175.632 (Major Resistance Zone) 🔹 **Final target:** 178.814 (Upper Fibonacci Extension Level) --- ## **🔻 Risk Management:** ❌ **Stop-loss below** 165.059 to protect against further downside ❌ Avoid overleveraging & follow proper **risk-to-reward ratios**