Hello traders, here is a short CHFJPY trade idea. Feel free to leave constructive criticism 😉
Price opened at MM3 on the Daily chart in the beginning of the month. Price has been trading between MM3 & MM2. The bearish target for bears is MS2.
Price bounced off of the 21 & 55 moving averages & fell all the way to WS2 support making a lower low.
Price currently at DS1 support pivot. Price seems to have traded down the channel. Angle of separation between moving averages suggest bears are in control of this market. The 21 above the 55 also tells us we are bearish. First resistance level identified at DPP. Second resistance identified at DM3 which coincides with WS1 on H4 chart, 61.8% fib & 114.000 bear psych level. Look to go short once price has pulled back to resistance.