Head and Shoulders on CHF/JPY

Head and Shoulders on CHF/JPY

The CHF/JPY currency pair has become stable after a continuous rally. The trading instrument is in a sideways trend. The current technical pattern signals a possible correction in the CHF/JPY quotes. On the 4-hour chart, a classic Head and Shoulders reversal pattern, which indicates the development of a downward trend, has been formed. At the moment, the trading instrument is consolidating near local support of 111.450. We recommend paying attention to this situation.

If the price fixes below 111.450, CHF/JPY sales should be considered. The immediate goal for profit taking is the level of 110.900. In the medium term, the CHF/JPY currency pair may reach 110.200-109.800. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustForex 2020.01.08

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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