CHFJPY had a fake breakout of the resistance zone and is now back below the resistance zone, presenting an opportunity to go short on the pair. However, bears should be aware of the supportive trendline that CHFJPY is following along. The safest approach to this short would be to wait for a break of the supportive trendline to go short, with a stop loss a few pips above the high of the fake breakout.
An impulsive break of the resistance zone beyond the previous high makes this trade invalid and we will need to reanalyse the pair.
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An impulsive break of the resistance zone beyond the previous high makes this trade invalid and we will need to reanalyse the pair.
Be sure to follow me for more ideas and analyses. Leave a comment with your thoughts below.
Best of luck traders!
