NoCeilingsTrading

Overall Bearish Bias CHFJPY

Short
FX:CHFJPY   Swiss Franc / Japanese Yen
Price appeared to have broken the low during the previous month. This monthly candle appears to be a retracement or a retest of that level. So far it a look as if price will respect that level and may be signaling it's setting up to make a large push to the downside.

The weekly time frame show a double top , with a retest to the neckline, price also met resistance at and respected the trend line creating a lower high.

Expecting a price to retrace/test and respect the 61.8 fib level on the daily, then creating a bearish impulse/continuation.

I'm expecting price to sell off into the lower eclipse, possibly to the lower trend line and respect it, creating a lower low of the bearish trend , while simultaneously creating a higher low in the bigger picture. (this explains the purple and red drawings)


Feel free to like, or comment and post your analysis if you see something different!!

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