CHF/JPY has been bearish in the daily chart for the last few days. The pair produced two consecutive bearish candles upon having a bullish correction. The H4 chart shows that the price has been heading towards the downside with good bearish momentum. As of writing, the last candle came out as a bullish corrective candle. The price has been bearish again in the current H4 candle. If the candle comes out as a bearish reversal candle, the sellers may find an opportunity to go short in the pair.
Chart 1 CHF/JPY H4 Chart
The chart shows that after producing a few bearish candles, it had a bounce at the level of 115.700. The candle had a rejection at the level of 115.920. If the level of 115.920 works as resistance and ends up producing a bearish reversal candle, the sellers may go short below the level of 115.700.
Trade Summary:
Entry: Sell below 115.700
Stop Loss: Above 115.920
Take Profit 1: 115.240
Take Profit 2: 115.070
Take Profit 3:1154.870