Hello Traders,
Here is the Top-Down Analysis of CHFJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 50 - Dec 07
M > Market is moving in a well respected horizontal structure. It reached monthly resistance coinciding with structural resistance (last touch was in Sept 2018) and after rejection dropped till 0.5 Fib level on last monthly bullish impulse. Price is now moving to the upside to probably test structural resistance again.
W > Price has been bullish for past 2 weeks and has tested weekly resistance.
D > Price lost momentum while approaching weekly resistance also coinciding with daily supply zone, we can expect correction to the downside before price makes an attempt to test structural resistance again. It can drop till 116.1 to test the level as support.
As per COT CHF closed Long and added few Short with strongly +ve net positions.. SXY has been gaining strength for past 3 weeks with a massive gain last week. We can expect some correction this week for SXY as strong bearish divergence can be seen. JPY again saw addition of major Long and some Short positions improving net positions to highest in this year. JXY however weakened during the said period and was indecisive last week ending in a Doji. We can expect strengthening of JPY this week.
With expected correction for CHF and strengthening of JPY the pair can drop for correction.
4H > Currently price has lost momentum but continuing with HH and HL, we can see bearish divergence and price must make a LL to confirm corrective move.
Pair Correlation > CHFJPY has positive correlation with EURJPY.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of CHFJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 50 - Dec 07
M > Market is moving in a well respected horizontal structure. It reached monthly resistance coinciding with structural resistance (last touch was in Sept 2018) and after rejection dropped till 0.5 Fib level on last monthly bullish impulse. Price is now moving to the upside to probably test structural resistance again.
W > Price has been bullish for past 2 weeks and has tested weekly resistance.
D > Price lost momentum while approaching weekly resistance also coinciding with daily supply zone, we can expect correction to the downside before price makes an attempt to test structural resistance again. It can drop till 116.1 to test the level as support.
As per COT CHF closed Long and added few Short with strongly +ve net positions.. SXY has been gaining strength for past 3 weeks with a massive gain last week. We can expect some correction this week for SXY as strong bearish divergence can be seen. JPY again saw addition of major Long and some Short positions improving net positions to highest in this year. JXY however weakened during the said period and was indecisive last week ending in a Doji. We can expect strengthening of JPY this week.
With expected correction for CHF and strengthening of JPY the pair can drop for correction.
4H > Currently price has lost momentum but continuing with HH and HL, we can see bearish divergence and price must make a LL to confirm corrective move.
Pair Correlation > CHFJPY has positive correlation with EURJPY.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
