Market NewsTechnical Analysis

CHF/JPY: Bull Roams around Bear’s Territory

  • CHF/JPY made a bearish breakout at the SMA 30 on the H4 chart.
  • The pair has been on a bullish correction.
  • The H1 Chart looks bullish.
  • Intraday minor charts have been bullish.
CHF/JPY H4 Chart
CHF/JPY H4 Chart

CHF/JPY- Technical Analysis-H4 Chart

The pair made a significant bearish breakout at the Simple Moving Average 30. It seems to have found its support around 163.000 and it consolidated there for a while. It has been bullish and heading towards the North. The sellers may keep their eyes on the pair to go short around 164.120. The price had reacted at this level several times. A bearish reversal pattern around that level may attract the sellers and drive the price towards the South. The price may find its next support around 162.000.

On the upside, if the price makes a bullish breakout at that key resistance level, the buyers may wait for the price to consolidate around that breakout level to go long upon having a bullish reversal pattern. The price may find its resistance around 165.000.

CHF/JPY H1 Chart
CHF/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that after being bearish, it found its support around 163.000. It produced a double bottom and headed towards the North. The level of 164.000 has been working as resistance. The pair made a bearish correction and found its support around the neckline. The buyers may push the price towards the last swing high. A breakout above that level may add more buyers and push the price towards the North further. The price may find its next resistance around 164.300.

On the downside, if 164.000 works as resistance and produces a bearish reversal candle, the sellers may keep their eyes on the pair to go short. The price may find its next support around 164.000 again.

Considering both charts, it seems that it is bear’s territory. However, the bull may make some corrections. Thus, the pair may remain bullish on the minor charts, but it might make some good bearish move on the major charts.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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