CHF/JPY Bears Need to Hold the Price Below 118.00 Event-level
CHF/JPY is one of the major cross pairs that represent the economy of Switzerland and Japan. The price of the CHFJPY is moving with an impulsive pressure but it halted as soon as it reached the 118.68 resistance level. Therefore, the price has a higher possibility to come down in the coming days. What else you may expect from the CHFJPY? To know more, keep an eye on the forex secret technical analysis on CHF/JPY.
April 15, 2021|The Forex Secret – Based on the CHF/JPY daily chart, the price is moving upside with an impulsive pressure where most of the candle’s duration and speed remains the same. The price started to move higher from 115.90 support level towards 118.68 resistance level without any correction. Although there were some minor corrections in the intraday chart there was no major correction in the H4 or H1 level. In that case, the price may collapse if it comes below the point of interest level of 118.00.
CHF/JPY Daily Chart
Recharge the price more and tasted the 118.6 8 levels which are considered as a significant resistance level. letter on the price becomes very indecisive and manage to have a daily close with a bearish pressure.
In the above image, we can see the daily chart of CHF GPR required the prize to have it daily close below 118.00 points of interest level. Therefore as long as the price is trading below the daily close of yesterday we may expect that the price will continue the bearish pressure towards 115.00 level.
However, the price may face a minor correction from the dynamic level of 20 Ema on the daily chart from where a bullish pressure may expect. Despite the bullish pressure if the price comes below the dynamic 20 EMA the Bera special may extend more.
CHF/JPY H4 Chart
In the H4 chart, the price breaks below the trendline but the speed of the breakout is not satisfactory. Therefore, investors should wait for a sufficient correction to ensure the accuracy of the breakout.
Here we can see that the price moved below the trendline with a corrective speed. Therefore, the price may come higher towards 118.00 level any bullish rejection from that level would be a potential selling opportunity.
Moreover, the price Is trading below the dynamic level of 20 EMA on the H4 chart and currently, the dynamic level is staying at 118.00 area. Therefore if the price moves toward the dynamic level and shows some bullish rejection we may consider the bearish possibility as valid.
Overall, the prices have a high possibility to come down as long as it is trading below the 118.00 event level. Investors should wait for an appropriate rejection from 118.0 level to enter the trade and should manage the trade based on the money management system.