CHFJPY Possible H&S Formation Hi Traders, here is the full analysis / Breakdown for CHFJPY.
Keep this pair on your watch-list.
Possible H&S Forming on the Daily / 4 Hour Time-frame!
Conditions -
1. Wait for confirmation ( Environment Change / Retest Of Previous Structure )
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Chfjpysetup
volume is thinning out as the holiday season closely approachesinvestors’ focus on the risk of a slowing global economy, a sharp rally in the yen — a traditional haven currency — would make some sense to opening low risk short position from here, Also current administration’s strategy to use tariffs as threats to mold his foreign-policy against multiple countries will create an ongoing and unknown certainty .
ANOTHER RETEST BEFORE WE DROP AGAIN?CHFJPY has been a pretty bearish pair and at the moment, price is showing potential to re-test the zone i have marked at the grey price level before falling again. Bear in mind that price has been bearish for quite a while so we may be nearing the end of this bearish trend In that case, Price also has the potential to move up bullish to our stop loss.
CHFJPY BULL SETUP CHFJPY has currently created a double bottom and currently rejecting at monthly low last tested september this year. This is second try at 106.800 range and sellers are out of steam again with a bullish engulfing close to confirm the double top, this market is setup for a bullish ride and hopefully fundamentals doesn't ruin the show, personally i Favour a buy.
CHFJPY BUY TRADE SETUPPrice reversed from channel support and broke out of ascending trendline and resistance level.
Price has made a pullback and retests the broken levels that lined up with moving averages.
Considering that price has broken out of the counter trendline, the price has the potential to move higher towards the resistance zone from near the current level.
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FREE ANALYSIS ON CHFJPY - time for the bearsFREE ANALYSIS ON CHFJPY
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15 Min
Bearish Momentum found here. Price below all 3MA's.
1 HOUR
Price has just broke down the trendline and also tested it again. We can also see price breaking down off the MA 200 also. Expecting further down on this pair
4 HOUR
We are currently seeing a retracement of the recent bear run which started 30th June. Price broke down the 27day MA and the 100 MA's. Price did test the 200 MA and was rejected. we are now expecting price to test and break this MA 200 level for further bearish momentum.
OVERALL
Expecting more sell. see chart for TP expectations.
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