Market NewsTechnical Analysis

CHF/JPY: Stages are Ready for the Bull, What next?

  • CHF/JPY made a significant bullish breakout at the SMA 30 on the H4 chart.
  • The last swing low offers enough space for the price to travel towards the North.
  • The H1 chart may get choppy.
  • Intraday minor charts’ price action has been bullish.
CHF/JPY H4 Chart
CHF/JPY H4 Chart

CHF/JPY- Technical Analysis-H4 Chart

The chart shows that the price had a strong bounce at 160.850. Since then it has been heading towards the North. On its way, it made a bullish breakout at the simple moving average 30. As of writing, the pair trades above the SMA 30. Thus, the buyers may be very interested to look for long opportunities. If the price consolidates at the SMA 30’s support, the buyers may go long upon having a bullish reversal candle. The price may find its next resistance around 164.150.

On the downside, if the price breaks the SMA 30, the sellers may wait for the price to consolidate at the breakout level and produce a bearish reversal pattern to go short in the pair. The price may find its support around 160.850.

CHF/JPY H1 Chart
CHF/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a trend line. At the last bounce, it produced a Hammer and headed towards the North with a good momentum. However, the price had a rejection at 163.650 and ended up producing a bearish engulfing candle closing right at the trend line’s support. It may play a vital role. A bearish engulfing candle may attract the minor charts’ traders to go short in the pair. However, if the trend line’s support holds the price and produces a bullish reversal pattern, the buyers may push the price towards the North based on the H1 chart. The price may find its next resistance around 164.150.

In case of a bearish breakout, the sellers may wait for the price to produce a bearish reversal candle at the broken resistance (trend line) to short in the pair. The price may find its support around 161.950.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data...

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators...

Gold Surges to New Record High Amid Market Turbulence

Gold reached a new record high, driven by safe-haven trades following the...

Fed’s Barr and Jefferson: High Interest Rates Here to Stay

Federal Reserve Governor Michael Barr reiterated interest rates will stay high until...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets
Market News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data strengthens the dollar and impacts global currencies and commodities.

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends
Market News

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators for future trends.

Copyright © 2023 Forex Prop News. All Rights Reserved.