We last posted on the CHFJPY on April 30th when we were waiting for price to break and close below a support zone formed by pivots in March and April as well as the round number 110.
Yesterday's bar broke through all these levels as well as closing below the round number 110 suggesting further weakness and a continuation of the bear trend.
This prompted us to...
i've already published few days ago an idea on this pair. Unfortunately we weren't able to take advantage of that idea, but now price has given us a second chance. It has came back to retest the daily structure level (that also lines up with the 618 retracement and a round number) and has formed a nice pinbar showing us some buying rejection.
With yesterdays huge spike to the upside , price still did not close above the previous 4 months highs , as a matter of fact it even failed to close the previous days high. Projection im very bearish on Gold , im expecting in the next week or so to touch the 1240.00 zone.