CHF JPY Analysis
Updated
From the Daily Chart, price is
Broken out of downwards channel.
RSI and Stochs are on downwards path.
From the 4hr Chart, price is
Still above 38.2 retracement and strong support / resistance line.
Expect price to continue to fall approx 30pips before reversal on 38.2.
Bearish Long Upper shadow pin bar confirms assumption.
RSI and Stochs are at low levels but still on downwards path. Not at oversold territory yet
From the 1 Hour Chart, price is
Still expecting price to fall to 38.2 line.
RSI is low, almost parallel but could move downwards further. Not at oversold territory yet.
Stochs is still downwards, within oversold territory
Trade thoughts
Expect further to downside approx 30 pips followed by Bullish reversal of potential 220 pips to weekly downwards trend line.
Broken out of downwards channel.
RSI and Stochs are on downwards path.
From the 4hr Chart, price is
Still above 38.2 retracement and strong support / resistance line.
Expect price to continue to fall approx 30pips before reversal on 38.2.
Bearish Long Upper shadow pin bar confirms assumption.
RSI and Stochs are at low levels but still on downwards path. Not at oversold territory yet
From the 1 Hour Chart, price is
Still expecting price to fall to 38.2 line.
RSI is low, almost parallel but could move downwards further. Not at oversold territory yet.
Stochs is still downwards, within oversold territory
Trade thoughts
Expect further to downside approx 30 pips followed by Bullish reversal of potential 220 pips to weekly downwards trend line.
Note
Price has not fallen to 38.2 level, instead bearish spinning top formed.Price rallied and broken through descending trendline.
Now stable at 109.6
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