CHF/JPY: Price Gets Caught within a Triangle, Be Patient

• CHF/JPY has been choppy on the H4 chart.
• The price gets caught within a triangle.
• The H1 looks bullish and may make a move towards the upside.
• Intraday price action has been bullish.

CHF/JPY- Technical Analysis-H4 Chart

The H4 chart shows that the price has been caught within a triangle. As of writing, the price had a rejection at the triangle’s resistance. It produced a bearish inside bar and headed towards the downside. The Simple Moving Average 30 has been working as support though. Thus, traders will be confused here to make a trading decision based on the H4 chart. Traders may want to wait for the price to make a bullish breakout at the trend line’s resistance to go long. The price may find its next resistance around 166.000.

On the downside, if the price makes  a bearish breakout at the triangle’s support, it may head towards the South with good momentum. The price may find its support around 163.750.

Price Action Analysis- H1 Chart

The H1 chart shows that the price has been bullish. It had a rejection around 165.000 and produced a bearish inside bar. It then made a bullish correction and found its support around 164.750. As of writing, the pair trades around the level. A bullish reversal pattern around the level may push the price towards the North. The price may find its resistance around 165.330.

On the downside, if the price makes a bearish breakout at the horizontal support, the sellers may wait for the price to consolidate and produce a bearish reversal pattern at the value area to go short in the pair. The price may find its support around 164.400.

Considering both charts, the pair may get sluggish until it makes a breakout on the H4 chart and finds its next route.

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

Contact and follow Tareq on Twitter: @tareqfpn