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CHF/JPY: The Bear is about to Make another Move

EagleFX

CHF/JPY produced a doji candle yesterday. The H4 chart shows that the price has consolidated, and it may have found its resistance. As of writing, the price has been very bearish in the last H4 candle. If the candle comes out as a bearish reversal candle, the sellers may go short below the wave’s lowest low.

Chart 1 CHF/JPY H4 Chart


The chart shows that the price after making a bearish move, it had a bounce at the level of 112.380. Upon producing a doji candle, the chart produced another bullish candle. The level of 112.870 has been working as a level of resistance. The last candle has been bearish so far. If the candle comes out as a bearish reversal candle, the sellers may go short below the level of 112.380. If the candle closes below the level of 112.380, it would be a bearish engulfing candle. A bearish engulfing candle may create more bearish pressure.

Trade Summary:

Entry: Sell below 112.380

Stop Loss: 112.870

Take Profit 1: 112.100

Take Profit 2: 112.000

Take Profit 3: 111.840

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