From the technical view:
1. From the Monthly perspective, the price rejected from the major resistance area , so we might see a minor bearish pressure before it continue move to the upside, since it was created a huge impulse to the upside followed by a correction at the moment.
2. From the Weekly perspective, price created an impulse to the downside with a correction so we can expect further downside on it.
3. From the Daily perspective, price created an overextended M formation, so with can expect a retest on the neckline of the M. If the neckline will be retested, we can looking for the potential short opportunity since Weekly is indicating further downside.
From the fundamental view:
1. Big players are quite bullish on both CHF and JPY
2. In today new report, they don't have any action in the CHF, which means no proper adding long and short at the moment, but from the JPY perspective more shorts were closed, which means they are not interested in selling JPY, so we can see that they are quite bullish on JPY compared with the CHF. So, if the M will be completed then we can expect more bearish pressure on the CHFJPY.
How to approach CHFJPY?
1.Going to the lower timeframe, and wait for market environment switch to the bullish market from the bearish market, after that you can be looking for potential long opportunity if your rules of the strategy are fulfilled and targeting the neckline of the M.
2. Just long at when the market open is not a good idea, because the lower timeframe still indicating bearish market, LH and LL still forming, price can easily move to the downside aggressively.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on CHFJPY or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.
1. From the Monthly perspective, the price rejected from the major resistance area , so we might see a minor bearish pressure before it continue move to the upside, since it was created a huge impulse to the upside followed by a correction at the moment.
2. From the Weekly perspective, price created an impulse to the downside with a correction so we can expect further downside on it.
3. From the Daily perspective, price created an overextended M formation, so with can expect a retest on the neckline of the M. If the neckline will be retested, we can looking for the potential short opportunity since Weekly is indicating further downside.
From the fundamental view:
1. Big players are quite bullish on both CHF and JPY
2. In today new report, they don't have any action in the CHF, which means no proper adding long and short at the moment, but from the JPY perspective more shorts were closed, which means they are not interested in selling JPY, so we can see that they are quite bullish on JPY compared with the CHF. So, if the M will be completed then we can expect more bearish pressure on the CHFJPY.
How to approach CHFJPY?
1.Going to the lower timeframe, and wait for market environment switch to the bullish market from the bearish market, after that you can be looking for potential long opportunity if your rules of the strategy are fulfilled and targeting the neckline of the M.
2. Just long at when the market open is not a good idea, because the lower timeframe still indicating bearish market, LH and LL still forming, price can easily move to the downside aggressively.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on CHFJPY or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.