Opportunities in the CHF/JPY 24/01/2023
Upon analysing the market, we have identified an opportunity in the CHF/JPY currency pair. A thorough examination of the 4-hour chart reveals that this pair has been adhering to a downtrend, utilizing it to drive momentum to the downside. Following a decline of over 650 pips, the price appears to have undergone a corrective move to the upside, which can also be referred to as an ABC pattern. This move has created a slope support, which has now been breached. Additionally, we can observe the MacD weakening and transitioning downwards. We believe that taking profit at around 138.85 then 135.75 would be a wise decision..
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.