CHFJPY TRADE IDEA. Price can go on 2 different ways. For the LONG position I would wait till the retest and after it bounces off, My TP is 150 pips and my SL is 60 pips. For the SHORT position I would wait till it breakes below and maybe retest the resistance, the TP for the SHORT position is 150 pips and the SL is 50 pips.
Nice setup this. After a decent push up we are expecting some retracement if not a complete reversal. CHF weakness should also help the cause. Price action is at a major level and we have seen bearish engulfing candle printed on the 4h chart.
I have gone short on this and marked tp and sl for you as well.
Trade safe and good luck.
just to let you know why i'm shorting this pair, price has reached a key structure level (blue line) and here it's formed a nice double top with RSI divergence.
Stops above the highs, target1 and 2 as displayed in the chart.
If you want to ask questions or share your view, comment below.
Otherwise, see you in the next chart!