#CHFJPY possible short opportunity
Since JPY index shown potential upside move and already break above a bearish Daily channel as well as forming a reverse Head & Shoulder formation it gave us the idea of to be looking for a shorting opportunity on different JPY pairs like CHFJPY.
If JPY index keep going up to reach its one to one Head & Shoulder target projection then we can expect any upside rally on different JPY pairs can lead to another drop.
With all this being said now if you take a look at CHFJPY chart you can see price formed a bearish impulsive move and as a result of that move formed a new low. since then price been correcting that down side move and now it reached the static resistance area which you can call it structural point too and also 61.8% of Fibonacci level and 1H EMA. which all together can give us a resistive cluster.
moreover, price also did reject from the area just recently and formed two bearish 1H candles, which shows that sellers are there. but in order for us to be able to sell we need another bullish move in lower time frame. but unable to goes above the recent top and 1H EMA or at least wont close above it.
If JPY index keep going up to reach its one to one Head & Shoulder target projection then we can expect any upside rally on different JPY pairs can lead to another drop.
With all this being said now if you take a look at CHFJPY chart you can see price formed a bearish impulsive move and as a result of that move formed a new low. since then price been correcting that down side move and now it reached the static resistance area which you can call it structural point too and also 61.8% of Fibonacci level and 1H EMA. which all together can give us a resistive cluster.
moreover, price also did reject from the area just recently and formed two bearish 1H candles, which shows that sellers are there. but in order for us to be able to sell we need another bullish move in lower time frame. but unable to goes above the recent top and 1H EMA or at least wont close above it.
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