Monitoring CHFJPY Sell Strength
In my previously published idea, I expressed by bearish opinion on $FOREXCOM:CHFJPY.
Looking intraday at the 4-hour timeframe, my bearish sentiment has weakened. The current 164.5 lower boundary maintains an unclean hold. However, this latest price breach lower was rather weak.
After price crossed below this level, it quickly traded above it within the next 4-hours rather easily. To me, this is an indication that there is more buying pressure holding price supported. I am not a fan of this if I were to maintain my bearish sentiment.
For the time being, I will continue to monitor the price action on this pair.
Looking intraday at the 4-hour timeframe, my bearish sentiment has weakened. The current 164.5 lower boundary maintains an unclean hold. However, this latest price breach lower was rather weak.
After price crossed below this level, it quickly traded above it within the next 4-hours rather easily. To me, this is an indication that there is more buying pressure holding price supported. I am not a fan of this if I were to maintain my bearish sentiment.
For the time being, I will continue to monitor the price action on this pair.
