CHFJPY 3 DRIVES BEARISH
Hello traders and welcome! I hope you're all having a fantastic trading week. Today, let's take a closer look at CHFJPY on the 4-hour chart, as it's presenting a promising trading opportunity.
On the 4-hour chart, we can observe the formation of a compelling 3 drives bearish pattern. Initially, the price seemed to ignore the bearish scenario, but subsequently, a double top formation has emerged. This double top formation is often indicative of a potential reversal, signaling a shift from an uptrend to a downtrend.
Currently, the price is trading below the short entry level, marked at 171.104. This suggests a bearish sentiment in the market. The volume accompanying this movement indicates active participation from market participants, adding weight to the analysis.
As long as the price remains below the short entry level (171.104), we can consider potential targets for the trade. Here are the Fibonacci retracement levels to keep an eye on:
62% Fibonacci retracement level (AD): 168.635
79% Fibonacci retracement level (AD): 167.807
100% Fibonacci retracement level (AD): 166.811
On the 4-hour chart, we can observe the formation of a compelling 3 drives bearish pattern. Initially, the price seemed to ignore the bearish scenario, but subsequently, a double top formation has emerged. This double top formation is often indicative of a potential reversal, signaling a shift from an uptrend to a downtrend.
Currently, the price is trading below the short entry level, marked at 171.104. This suggests a bearish sentiment in the market. The volume accompanying this movement indicates active participation from market participants, adding weight to the analysis.
As long as the price remains below the short entry level (171.104), we can consider potential targets for the trade. Here are the Fibonacci retracement levels to keep an eye on:
62% Fibonacci retracement level (AD): 168.635
79% Fibonacci retracement level (AD): 167.807
100% Fibonacci retracement level (AD): 166.811
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