This is our CHF/JPY Daily Price Forecast for 14th April 2020.
CHFJPY produced a bearish engulfing candle yesterday. The price has been having a bullish correction. The last bullish candle closed within a significant level, which may work as a level of resistance. If the level produces a bearish reversal candle, the sellers may get an opportunity to go short in the pair below yesterday’s lowest low.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price made a strong bearish move and had a bounce at the level of 111.120. The level produced a bullish inside bar and headed towards the North. The last candle closed within the level of 111.570. If the level produces a bearish reversal candle and drives the price towards the South, the sellers may go short below the level of 111.120. Trade Summary below…
- Sell Stop: 111.201
- Stop Loss: Above 111.727
- Take Profit: 110.651
The price may make a bullish reversal and even change the trend at the take profit level. The daily chart shows that the price reacted heavily at the take profit level earlier. Thus, traders may consider closing the whole trade once it reaches take profit level. If the price makes a breakout at that level, it may head towards the South further with more bullish momentum. However, it may make a long bullish correction before making a bearish breakout at the daily support. The JPY has been bearish against its counterpart in almost all the currencies. Thus, the bear may dominate and drive the JPY’s price towards the downside in the coming days.
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