TheSupportResistanceTrader

Shorting CHFJPY at retest of structure and "Broken fang"

FX:CHFJPY   Swiss Franc/Japanese Yen
The CHFJPY             has 3 times bounced from the purple box but has now finally broken through it. We look to short it when it retests this level again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. Our stops go above the resistance box and I'm hoping to catch a 1:3 on this one as price should come back down to at least 122. Moving my stops to breakeven when price hits 2/3 of profit.

We can also see that we are currently in a downtrend if we zoom out (Lower highs and lower lows indicated by the blue lines).

Good luck everyone and as usual, hold your thumbs!
Trade closed: target reached: Target reached guys, that was a quick one! :)
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