For the last 4 weeks we’ve been seeing yen weakness. Even though the commodity pairs haven’t been tagging along, this pair has been the exception. Because of seasonality, I don’t think this pairs is set to go high as of yet. So I’ll be looking for bearish setups to trade this pair down.

Zones

Resistance: Pink
Support: Green

CHFJPY Daily

Price opened at Monthly M3 and continued going up since it bottomed at 107.650 in April. At this moment its testing the R1 (114.000) resistance area. Price is likely to break this area, but a pullback would allow bulls to buy lower

CHFJPY H4

Bulls reached their Weekly R2 target last week. Price dropped lower due to profit taking. Price opened at Weekly M3, which formed a double top. Now we see the 21 acting as dynamic resistance. Although at support, bears will be looking to break it to confirm a change in trend.

CHFJPY M15

Double top formed. Price is currently at a pullback, we expect bears to come in and push the price down

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.