Bias For The Day: CHFJPY - Short
This morning we looking at a possible short play on the CHFJPY. This is after a price has tested the 142.250 resistance area for the 3rd time since 29 June 2022, with steady lower highs every time price tested the major resistance area.
With clear daily structure, we find that the 4H shows price continuing to be squeezed between the major resistance area and the bullish phase line.
Currently there is a hourly setup that calls for a short play, however the conservative approach might be to wait for a confirmed break and retest of the hourly 50, to perhaps trade it down to the 4H 50, with the overall target being 140.50.
With clear daily structure, we find that the 4H shows price continuing to be squeezed between the major resistance area and the bullish phase line.
Currently there is a hourly setup that calls for a short play, however the conservative approach might be to wait for a confirmed break and retest of the hourly 50, to perhaps trade it down to the 4H 50, with the overall target being 140.50.
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