Trade Entry Summary CHFJPYFebruary 21, 2017
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European currencies are once again the worst performers in the G10 universe, giving us a chance to pounce on a currency pair that we’ve been watching closely for weeks: CHF/JPY.
Since stalling out at 115.50 in mid-December, CHF/JPY has lost all of its upward momentum, carving out a sideways range between that level and support at 112.40 since then. Taking a step back, the daily chart is showing a developing “rounded top” type pattern over the last two months, and with rates showing a possible “bearish engulfing pattern” so far today, the odds are increasing that CHF/JPY will break lower this week.
Zooming into the 1-hour chart reveals that the unit has recently broken below a near-term bearish flag pattern, suggesting that the strong selling pressure from Friday may now reassert itself.
Look to sell here with a stop at 113.20. This is a 65-point stop, so please adjust your positions size appropriately.
This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.
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