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CHF/JPY: The Bear is right on its track


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

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