darcsherry

CHFJPY | Perspective for the new week

Short
FX:CHFJPY   Swiss Franc / Japanese Yen
60pips against us since my last publication on this pair (see link below for reference purposes); Price finally touches Y117.500 zone just like it did in August 2020 to make a Double Top structure. This was met with rejection followed by Lower Lows in the latter part of last week trading session.

Tendency: Downtrend ( Bearish )
Structure: Reversal pattern | Supply & Demand | Double Top
Observation: i. Since July 2020, price action has been caught within a channel of Supply and Demand .
ii. The appearance of a Reversal pattern since price hits Y117.500 has given rise to a risk of further decline in the coming week(s).
iii. I shall be expecting a significant Breakdown of Key level @ Y116.400 (Neckline) for a signal this week.
Trading plan: SELL confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:3
Potential Duration: 5 to 10 days

NB: This speculation can be considered to make decisions on lower timeframes.

Watch this space for updates as price action is been monitored.


Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

Comments

impressive work! thanks 🦐🌈
+1 Reply
darcsherry plancton0618
@plancton0618, Thank you
Reply
the resistance is holding. thanks for sharing
Reply
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