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CHF/JPY Potential Downward Movement

CHF/JPY Long-Term Trend: Bearish

Key Resistance Levels: 124.367, 124.991, 125.478.

Key Support Levels: 123.626, 122.535, 122.000.

1-Hr Chart:

The price on the higher time frame posted an inverse head and shoulders which led to a reversal and a move to the downside by breaking the bullish channel. The market is expected to continue its move to the downside since the bears are in control of the market.

CHF/JPY Medium-Term Trend: Bearish

15-Mins Chart:

On the lower time frame, the price found sellers around the 50 % Fibonacci retracement level after managing to break the bearish flag to the downside. A higher correction could be seen to the highlighted zone before a new impulsive wave toward the target profits.

Signal Idea:

Sell Limit Order @ 124.150

TP 1 @ 123.681

TP 2 @ 122.535

Stop Loss @ 124.383

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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