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CHF/JPY Potential Downward Movement

CHF/JPY Long-Term Trend: Bearish

Key Resistance Levels: 125.32, 126.18, 127.17.

Key Support Levels: 123.57, 122.51, 120.88.

Daily Chart:

The price on the higher time frame is about to reversed where the price posted a lower highs along with a bearish divergence on the daily time frame. The market moved lower already and we expect further movement to the downside toward the 123.59 JPY mark.

CHF/JPY Medium-Term Trend: Bearish

4-Hr Chart:

On the lower time frame, the market posted an inverse head and shoulders showing that the market is about to reverse. It found sellers around the 61.80% Fibonacci retracement level. further movement to the downside is expected but before that move a higher correction could be seen.

Signal Idea:

Sell Limit Order @ 124.284

TP 1 @ 123.664

TP 2 @ 122.51

Stop Loss @ 124.592

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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