CHF/JPY Long-Term Trend: Bearish
Key Resistance Levels: 125.32, 126.18, 127.17.
Key Support Levels: 123.57, 122.51, 120.88.
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
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.
Sell Limit Order @ 124.284
TP 1 @ 123.664
TP 2 @ 122.51
Stop Loss @ 124.592
Trade Safely 🙂