CHFJPY NEXT MOVEConsidering the price reaches the supply area, we expect to see a downward trend after hitting this area.
Shortchfjpy
CHFJPY Weekly AnalysisCJ appears to have created a bearish 3 drive strike pattern, as of now I believe price will reach the -27% (116.346) on the fib, and keep falling to the -68% (115.959). The market may gap up as soon as it opens and move up more to create a much more clear 3 drive strike pattern on the 4hr before falling but ultimately I think price is headed towards the bears because price reached the highest it has been this year and immediately turned around. What do you guys think?
Update on CHFJPYOnce price made it's last push to the upside, it made the bearish impulse as expected. I was looking for price to make one last bullish impulse, then create a bearish candlestick formation before entering a sell. Check out the previous analysis below:
BEFORE
Overall Bearish Bias CHFJPYPrice appeared to have broken the low during the previous month. This monthly candle appears to be a retracement or a retest of that level. So far it a look as if price will respect that level and may be signaling it's setting up to make a large push to the downside.
The weekly time frame show a double top, with a retest to the neckline, price also met resistance at and respected the trend line creating a lower high.
Expecting a price to retrace/test and respect the 61.8 fib level on the daily, then creating a bearish impulse/continuation.
I'm expecting price to sell off into the lower eclipse, possibly to the lower trend line and respect it, creating a lower low of the bearish trend, while simultaneously creating a higher low in the bigger picture. (this explains the purple and red drawings)
Feel free to like, or comment and post your analysis if you see something different!!
Short CHFJPYFranc Yen has broke its upward channel and is consolidating. Target is support trendline
BEARISH BAT on CHFJPY On the 4hr a bearish bat has formed. Am expecting the D leg to complete immediately the prices retest the 112.000 psychological level. Looking for bearish evidence before shorting this pair. Use proper money management. Cheers
