CHFJPY has reached a significant resistance zone, marked by prior price rejections and strong selling pressure. This level has historically acted as a key supply area, increasing the likelihood of a bearish bounce if sellers regain control.With the price now testing this resistance, I anticipate a potential downward move toward the 172.650 level, which represents a logical target for this setup. Traders should watch for confirmation signals, such as bearish engulfing candles or rejection wicks, to validate the potential for a reversal.
Do you agree with this analysis? Let me know your thoughts in the comments!
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🔥 Best BROKER - Get 20% Deposit BONUS - bit.ly/41UtANI
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.