Obvious pattern forming for CHFJPYThe CHFJPY is looking to test the top of a channel which coincides with the 61.8 Fib retracement. This looks like a juicy level to go for a short.
BEAR CASE
We will wait for price to retest 125 before going in for a short
BULL CASE
Be extremely careful that the structure might be broken. If this plays out, we will wait and see what price does next.
Chfjpyshort
CHFJPY Short likelyReasons for entering a short trade:
• Price is currently at a corrective state which has formed an ascending channel this could also be viewed as a bearish flag
• 90% rule of a channel
• Downward trend followed by correction so downward trend likely to continue
• At an area of strong daily resistance
CHFJPY SHORTCHFJPY is approaching big resistance after a major impulse to the upside.
This is looking like a nice area to short but do it carefully, since JPY is really shaky at the moment.
- I would only enter this trade if I see this resistance stopping this big movement up and starting to range or If I prefer to enter on a sell limit at 122.500 I would use a 30/35 Pip Stop.
A short position in the CHFJPY pairWe recommend taking a short position in the pair CHFJPY. as seen in the chart the pair entered a local resistance at the level 120 and also encountered the broken the weekly broken trend line which acted as a resistance and rejected the price several time, we believe that the price will go down and head firstly to the 4 hours support where we placed out 1st target and then will head to the daily support at 118 if this support was broken. Take this trade only if you agree with our analysis.
CHFJPY - Bearish BiasCHF - Weak Bullish
1️⃣ Investors are turning to safe-haven currencies amid a negative market environment.
JPY - Strong Bullish
1️⃣ Investors’ concerns about the uncertainty of the economic recovery could support the value of the JPY.
Between CHF and JPY, we expect JPY is stronger.
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Technical
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We are selling CHFJPY after it turned to a downtrend.
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Risk to this trade
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Any change in sentiment could turn the pair's direction.
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CHF/JPY New Short Setup After 4H Closure To Confirm The Setup !This is an educational + analytic content that will teach why and how to enter a trade
Make sure you watch the price action closely in each analysis as this is a very important part of our method
Disclaimer : this analysis can change at anytime without notice and it is only for the purpose of assisting traders to make independent investments decisions
CHFJPY SellWait for a break and retest of level 119.500 to go short with good bearish confirmation on H1.
Reasoning:
Price has made a large bullish move causing imbalance of S&D. Therefore, price is expected to fill in the imbalance.
Price has also rejected trendline and resistance(Blue Line)
Overall trend is still bearish
If trend were to turn bullish, it would have to retest one of the projected take profits (Worst case would be a test of level 119.500)
CHF/JPY SELL signal....VIEW
Hello Traders, here is the full analysis for this pair,
let me know in the comment section below if you have any questions,
the entry will be taken only if all rules of the strategies will be
satisfied. I suggest you keep this pair on your watch list and see if
the rules of your strategy are satisfied.
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CHFJPY Short likely• Price has broken out of a bigger channel so there’s a 90% chance of it going to the bottom of structure
• Downward trend with a pullback correction so there’s a high chance of a continuation to the downside
• Price has formed a rising wedge which is a reversal pattern and is currently at the top of structure
• Price is at an area of daily resistance which creates a double top so its likely to push to the down side
NOT FINANCIAL ADVISE.