CHF/JPY Daily Price Forecast – 30th Jan 2020
CHF/JPY has been bearish on the daily chart. The pair produced a spinning top daily yesterday with a bearish body. The H4 chart shows that the price has been on consolidation. A level of flipped resistance may drive the price towards the South, which may end up offering a short entry. Let us have a look at the H4 CHF/JPY chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price has been heading towards the downside after having consolidation. It bounced at the level of 111.655 yesterday and produced a bullish engulfing candle too. However, the price has been bearish for a long time. The price already had a rejection at the level of 112.060. If it produces a strong bearish reversal candle, the sellers may go short on the pair if the pair makes an H4 breakout at the level of 111.655. Let us have a look at the summary of the trade…
- Entry: Sell below 111.735
- Stop Loss: Above 112.158
- Take Profit: 111.312
The price may make a long upward correction at the level of 111.035 since it is daily support. Thus, the sellers may consider taking out the whole trade at the take profit level. On the other hand, if the price makes a daily breakout at the take profit level, the pair may remain bearish for quite a while on the daily chart. Most probably, the price may not make a daily breakout at that level straightway. The Head and Shoulder pattern may be produced on the daily chart before it heads towards the South further.
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