Market NewsTechnical Analysis

CHF/JPY: Buyers Wait to Go Long from the Value Areas

  • CHF/JPY made a significant bullish breakout at the SMA 30.
  • The pair is having a bearish correction on the H4 chart.
  • The H1 chart may get choppy.
  • Intraday minor charts favour the bear.
CHF/JPY H4 Chart
CHF/JPY H4 Chart

CHF/JPY- Technical Analysis-H4 Chart

The chart shows that the pair upon finding its horizontal support made a good bullish move. On its way, it made a breakout at the simple moving average 30. As of writing, the pair is having a bearish correction. The buyers may wait for the price to produce a bullish reversal pattern at the SMA30 to go long in the pair. The price may find its next resistance around 164.500.

On the downside, if the price breaches the SMA 30 and confirms the breakout, the sellers may keep an eye to go short in the pair. In that case, the pair may find its resistance around 162.000.

A breakout below 162.000 may generate more bearish pressure and drive the price towards the South further.

CHF/JPY H1 Chart
CHF/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the pair made a good bullish move. It reacted at 163.235 as expected. As of writing, the pair trades around that level. Traders may keep a close eye at the price action around it. A bullish reversal candle at the support level may push the price towards the North again. The price may find its resistance again around 163.000.

However, if the price makes a bearish breakout, the sellers may take over and drive the price towards the downside. The price may find its support around 162.650.

The H4 chart looks promising for the buyers. The H1 chart may get bullish, but it may end up making a bearish breakout and head towards the South. In a nutshell, the bull has an edge here. Traders are to monitor price action closely before making any trading decision.

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

Contact and follow Tareq on Twitter: @tareqfpn

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