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CHF/JPY Potential Downward Movement

CHF/JPY Long-Term Trend: Bearish

Key Resistance Levels: 131.52, 132.60, 133.58

Key Support Levels: 129.75, 128.81, 127.76

Daily Chart:

The price on the higher time frame has been in an uptrend for quite some time and recently the pair consolidated between 135.01 and 131.89. There was an attempt to break the range to the upside but the price faced a rejection and it broke the lower range that indicates a reversal of trend. 

CHF/JPY Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price has been moving in a downtrend while forming lower lows. The pair has done a retest of 131.52 level and continuing the bearish momentum. 

Signal Idea:

Sell Limit Order @ 130.71

TP 1 @ 129.78

TP 2 @ 128.85

Stop Loss @ 131.64

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

5 comments

  1. Is the trade going against the market

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