The CHFJPY currency pair is currently encountering resistance at the 144.205 level, where previous selling activity suggests a potential drop in value. This outlook is further corroborated by the emergence of a well-formed harmonic reversal pattern, specifically a bearish butterfly. Moreover, a bearish engulfing candlestick pattern materialized on the weekly chart on March 12th, while a bearish doji star pattern on the M30 timeframe exhibited strong bearish pressure within the 144.207-144.083 region.
Based on this analysis, a short position in the CHFJPY pair appears valid (though the monthly candle is currently bullish), with a short-term target set at 143.245 and a medium-term target at the initial support zone.
Thank you for your contribution to our trading community.
Samuel124
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@InvestingScope, You're most welcome. Thank you for your kind words, it's an honor to contribute to this trading community and to have my analysis read.