CHF/JPY forms shooting star pattern, dip till 115.75 likely
Candle stick pattern - Shooting star
CHFJPY has halted its bullishness for a while after a rapid jump of more than 200 pips in previous week. It hits high of 118.06 and is currently trading around 117.22.
On the lower side, near term support stands around 117 (23.6% fib) and any violation below will drag the pair down till 116.45/115.80 (23.6%fib and 10- day MA). The pair should breka below 115.74 low made on Sep 19th 2018.
The near term major resistance is around 118.06 and any violation above will take the pair to next level till 118.60/119.
It is good to sell on rallies around 117.35-40 with SL around 118 for the TP of 115.80.
CHFJPY has halted its bullishness for a while after a rapid jump of more than 200 pips in previous week. It hits high of 118.06 and is currently trading around 117.22.
On the lower side, near term support stands around 117 (23.6% fib) and any violation below will drag the pair down till 116.45/115.80 (23.6%fib and 10- day MA). The pair should breka below 115.74 low made on Sep 19th 2018.
The near term major resistance is around 118.06 and any violation above will take the pair to next level till 118.60/119.
It is good to sell on rallies around 117.35-40 with SL around 118 for the TP of 115.80.
Comment:
As per our analysis CHFJPY is trading lower and hits low of 116.19. Further dip till 115.75 is likely.