As shown on the previous post, CHFJPY has been in a range and a sell opportunity was possible at the top of the range. However, price did not break the 4HR trends line for an entry.
Now, price has break the 4HR support. Upon confirmation on a candle close below the level and a small pullback the first entry for a short position will be made. Another entry can be made at the break of the 4HR trend line. The first target is the 0.328 fib level on the daily impulse. Other confluences for this trade is price is overbought on multiple timeframes and the possibility of a weak yen.
Now, price has break the 4HR support. Upon confirmation on a candle close below the level and a small pullback the first entry for a short position will be made. Another entry can be made at the break of the 4HR trend line. The first target is the 0.328 fib level on the daily impulse. Other confluences for this trade is price is overbought on multiple timeframes and the possibility of a weak yen.
