Chfjpyshort
CHFJPY Breakout possibility, 114.65 is the keyCHFJPY is creating Lower Lows(LLs) on each successive dip. So far, the resistance level of 114.65 is intact. However looking at the structure, the possibility of a breakout is increasing. Sellers must be careful here.
A breakout beyond the 114.65 level will be a strong buy signal with 118 as the target.
CHFJPY POSSIBLE SHORT**ENG**
- Price is now reaching our 4H resistance level, we are expecting a drop from this area to the 38,2% FIB zone, RSI is also on the verge of crossing to the overbought side, wait for a candle confirmation before entering.
**PT**
- Preço está de momento a atingir a nossa zona de resistência nas 4H, estamos à espera de uma queda nesta zona, fazendo um pullback até à zona dos 38,2% do FIB, o RSI também está bastante próximo de níveis sobrecomprados, aguardar por vela de confirmação antes de entrar.
Em caso de quebra, apenas entrar no retest.
CHF/JPY approaching resistance zone💡Hello traders,
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CHF/JPY has is approaching resistance zone. Price has been rejected from this area serval times in past. We will closely monitor this pair to see if price will be rejected again.
Let us know what you think about this idea.
Trade safe !
7 reasons to short CHFJPY ... but nothing is 100% in trading.
1. On the daily chart, note at least 4 recent attempts to go above 114.600.. all failed. In fact you would need to go back to Oct 2018 to see higher price.
Now on the H4 chart:
2. Price moving perfectly within a descending channel.
3. A sequence of lower highs and lower lows has been forming over the last 7 trading days, while price has respected the channel all the time.
4. Price is now at a significant level 114.000 and you can clearly see indecision after a bullish move.
5. For the channel to be respected again, a down move must follow.
6. If you have a bearish bias, taking a short at the top of a channel is the ideal location.
7. R/R of 5 or more is on offer, if this trade works out.
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As always, please use sound risk and money management in all your trades.