chfjpy sell setup with fib confluence

FX:CHFJPY   Swiss Franc / Japanese Yen
94 9 4
Hello traders, have a nice sell setup on chfjpy            
Price was on a previous reistance with a 0.50 fib retracement level, next move might be the the demand at the bottom which also has fib confluence and might just be the target for the broadening bottom
I think you may be correct price may race to the bottom trend line, however if it does pull back into that supply it might be worth taking a short position in it there
i will have to look into a better entry myself since i missed the initial entry that was the resistance
lets see how this plays out
Price is still below trend in demand with three possible entries above
+1 Reply
yes that could be a good sell setup to my understanding if it does reach one of those levels
1hr there is supply at 124.28
+1 Reply
i never noticed that earlier but now that you mentioned that could also be a potential reversal zone but then again it appears that it also broke the trendline
AkashGaur AkashGaur
however if you look on a daily there is no structure at that level at all, which makes me think that if there is a correct it might not be a big one
AkashGaur AkashGaur
sorry on a second view there is some structure on a daily too. will have to keep that in mind
Hey Akash, I am just starting to look at this one
+1 Reply
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