quantguy
Short

CHFJPY Shorting Opportunity

FX_IDC:CHFJPY   SWISS FRANC / YEN
CHFJPY             looks like a nice shorting opportunity. Notice the consolidation of price action around 122.729. There is massive resistance from with the Ichimoku cloud on the 15 minute chart and especially the 30 minute Ichimoku chart. For profit targets, consider the Fibonacci levels which line up nicely with the level at 122.676 or the level at 122.615. For a stop loss consider the highs of that wedge-ish pattern at 122.765. Note the RSI and MACD confirm that this is a perfect time to enter a position on this asset.
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