CHF/JPY Potential Sell Opportunity As The Market Structure Turns Bearish -

CHF/JPY Potential Sell Opportunity As The Market Structure Turns Bearish

Jan 02, 2024Jeremy ParkinsonFinance, No picture0

Image Source: Unsplash

The price is likely to drop to the 164.00 support level in the coming days

The trading signal provided should last 1-2 weeks with a potential upside of 2.24%

I would recommend watching this trade will the NFP data is published on the US dollar on Friday

CHF/JPY trading strategy

Buy/sell asset: Sell CHF/JPY

Entry price: 167.759

Stop loss: 168.774

Leverage: 1x

Take profit 1: 167.00

Take profit 2: 166.000

Take profit 3: 164.00

Timeframe: 1-2 weeks

Maximum profit: 2.24%

Maximum loss: 0.61%

CHF/JPY chart and technical analysis The Swiss Franc reached an all-time high against the Japanese yen at around 170.530 last month. Since then the price of CHF/JPY has dropped and will likely further drop in the coming days and weeks.Currently, the price has made a bearish head and shoulder pattern which indicates further decline. The market structure has also turned bearish the price of CHF/JPY will likely decline for an extended period.I am considering the 167.759 resistance level for sell entry as this level has been strong support in the past and my recommended target for this trade is the 164.00 support level.
CHF/JPY fundamental analysisI am considering the 167.759 resistance level for sell entry as this level has been strong support in the past and my recommended target for this trade is the 164.00 support level.I would recommend watching this trade while the NFP data is published as the market will likely turn volatile for some time.
Swiss franc to Japanese yen trade idea takeaways