CHFJPY: Quick Move to the Resistance...Possible Rejection!!!
Looking at CHFJPY, we can definitely see a strong BULLISH movement for this few days. However, currently what we are seeing is price moving towards a resistance level where I believe a rejection is definitely possible. This lies down to Wednesday or Thursday 's candle where we should be looking out for a clean rejection from here to confirm our BEARISH position.
So why am I seeing a potential rejection from here?
Firstly, according to my support and resistance level I can see that BEARISH pressure is building up for this pair. We can see that several rejections do take place at this level if you were to look at price action of this pair. From a fibonacci point of view, we can see price moving towards 78.2 fib level where we can see a potential rejection from that level. Lastly, ichi cloud shows me an interesting short opportunity if a rejection was to happen here. Having said that, there is also potential possibility of a breakout but we shall not predict such movement rather adapting to it when it comes.
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So why am I seeing a potential rejection from here?
Firstly, according to my support and resistance level I can see that BEARISH pressure is building up for this pair. We can see that several rejections do take place at this level if you were to look at price action of this pair. From a fibonacci point of view, we can see price moving towards 78.2 fib level where we can see a potential rejection from that level. Lastly, ichi cloud shows me an interesting short opportunity if a rejection was to happen here. Having said that, there is also potential possibility of a breakout but we shall not predict such movement rather adapting to it when it comes.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!