CHF/JPY. Is it time to open shorts? Yes, but...

FX:CHFJPY   Swiss Franc / Japanese Yen
The Switzerland's currency was rising starting from 4-th October and now we see the possibility of a reversal

Technical factors:

there is a bearish engulfing candlesticks patter which was formed on the top of the trend
the price is testing the trend line with the possibility of a reversal
MACD lines are widening - this is the preliminary signal to sell

Summary: it is possible to sell after getting confirmation signals - the price has to break the trend line down (109,500).

Fundamental factors

On Thursday 24-th Manufacturing and Service PMI in Japan are being published. Manufacturing PMI is below the crucial level 50 and now is on 48,9 while Services PMI is still above 50.


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