CHFJPY Short setup with entry point!

15 de ago. de 2023

Good morning traders, I was analyzing CHF/JPY, one of the few pairs I'll be observing today, given the expected data on the Canadian and American dollars. This asset currently presents a bullish setup with good potential for a bearish reversal. Currently, it's at the level of 165.65, supported by demand + thirty levels. Personally, before entering long positions, I'll wait for a significant retracement to the level of 163.80, where we have a Breaker Block on the M15 timeframe. If the price reaches this level with an M15 candle showing no pin, no doji, and with volatility lower than 10 pips, we could consider a long entry. Of course, as the initial confirmation of a descent towards our entry zone, the market will need to confirm with breaks on the M15-H1-H4 of the Swing Low on the H4 timeframe at the level of 164.86. Let me know what you think, comment, and leave a like to support the hard work. Happy trading to everyone.