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quantguy

CHFJPY Shorting Opportunity

Short
Swiss Franc / Japanese Yen (FX_IDC:CHFJPY)  
quantguy  
FX_IDC:CHFJPY   Swiss Franc / Japanese Yen
chf CHFJPY jpy Forex trading technical_analysis Technical Analysis technical technicals Ichimoku Cloud Relative Strength Index (RSI) Moving Average Convergence / Divergence (MACD) Fibonacci Fibonacci Retracement levels support Support and Resistance
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chf chfjpy jpy forex trading technical_analysis technicalanalysis technical technicals ichimokuclouds relativestrengthindex macd fibonacci fibonacciretracement levels support supportandresistance
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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