CHFJPY - Sell Setup at Key Resistance Level

2 Mei

CHFJPY has reached a significant resistance zone, marked by prior price rejections and strong selling pressure. This level has historically acted as a key supply area, increasing the likelihood of a bearish bounce if sellers regain control.

With the price now testing this resistance, I anticipate a potential downward move toward the 172.650 level, which represents a logical target for this setup. Traders should watch for confirmation signals, such as bearish engulfing candles or rejection wicks, to validate the potential for a reversal.

Do you agree with this analysis? Let me know your thoughts in the comments!

3 Mei

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