CHF/JPY Long-Term Trend: Bearish
Key Resistance Levels: 124.367, 124.991, 125.478.
Key Support Levels: 123.626, 122.535, 122.000.
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
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.
Sell Limit Order @ 124.150
TP 1 @ 123.681
TP 2 @ 122.535
Stop Loss @ 124.383
Trade Safely 🙂