Will Weakness Take The CHFJPY Through Support?

FX:CHFJPY   Swiss Franc / Japanese Yen
We last posted on the CHFJPY on April 21st when several days of weakness had given momentum to the bears which were looking to take price through the pivot support of March.

The breakout did not materialise and, as has been a feature of FX, price instead found support and the bulls kept price within consolidation. The pullback to the upside lasted only 3 days after which the bears came in strong. Price is now again attempting to push through the drawn-in pivot support zone .

As from the last post, a break and close below this support zone will not be enough to suggest a trend continuation to the downside. For us here at Sublime Trading to start entering compounds to the short position we already have in play, we want to see price break and close below the round number support of 110 as well.

Once this level has been confirmed as resistance will we look to start allocating risk to further short positions with a view to seeing price move towards 100 and beyond.

As trend trades, using round numbers as "target level" removes the need for fixed targets and, instead, allows us to let our winning trades run. This is inline with the very essence of good trading which is to cut losers short and let winners run.

Patience needed for now on the CHFJPY until price clears these key support levels.

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

Sublime Trading
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Send feedback Ideas Published Followers Following Private Messages Chat Sign Out