CHFJPY is approaching a really good area to short. Price follows impulse correction impulse. We are now expecting the next impulse down which could be a 500pip drop!
Watch lower timeframe for opportunities to enter such as break and retests, flags etc.
Goodluck and trade safe!
We are testing the top of the range at the 121 whole level here on CJ. A break above could see next targets around 170 pips away @ 122.70 - JPY recent weakness due to rising Covid cases. However, we are bearish on this pair and looking for sell confirmation! Let's see what happens!
". There is still a possibility of temporary retracement to the suggested resistance line (119.80).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
. CHFJPY is in a downtrend, and the continuation of the downtrend is expected.
. The price is below the 21-Day WEMA, which acts as a...
Structure: Flag pattern, Horizontal Channel
Plan: CHFJPY has formed a flag pattern with price trading within a horizontal range for the last month.
While this is a long term play we look to take a short at previous highs and trade it down to 0.5 fib level or previous lows.
MACD looks as if it is going to confirm soon. Please wait for this before entry
Trend: Bearish in the short term
Structure: Wedge parttern
It appears that a wedge pattern is forming, price has tested the upper trend line multiple times and we now look at the latest bounce as a potential short to 0.5Fib level.