Right Now this Currency Pair is in Neutral Phase
1- It is making Cup & Handle Chart Pattern on Daily Time Frame Indicating its Bullish Behavior
2-It is Moving in Parallel Channel Chart Pattern on Daily Time Frame and Right Now heading towards bottom of the channel indicating Bearish Behavior
3- When Considering Fibo Levels after breaking 38.2 % Fibo Level Price...
CHF/JPY (Daily Timeframe)
A high probability, entry to go SHORT is forming @ 116.154 after the market found resistance @ 117.772. Only the upward break of 117.772 would cancel this bearish scenario.
Stop loss: 117.772
Take profit 1: 115.199
Take profit 2: 113.581
Take profit 3: 110.944
Strategy: Bearish Trend Reversal