CHF/JPY failed to recover

CHF/JPY failed to recover

Trade idea

SELL 108.57; TP 108.05; SL 108.85

CHF/JPY has recently broken below the support line from May lows. On Tuesday, the pair tried to revisit higher levels but ultimately closed near the day’s low forming a candlestick with a long upper wick on D1. This means that sellers seized control and may pull the price lower. On H1, there’s a “Head and Shoulders” pattern with a neckline at 108.60. Although the pattern wasn’t formed after a long uptrend that makes it weaker, a decline below 108.60 will still open the way down to the 108.00 area (August lows).    

CHFJPY.png

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