The CHF/JPY pair registered a strong drop in the short term and now is trading at 153.09 below the 153.29 former low which represented a downside obstacle. As you can see on the H1 chart, the rate dropped below the major uptrend line indicating that the uptrend ended and that we may have a new downside movement.
Technically, after its strong drop, we cannot exclude temporary growth. The rate could try to test and retest the 153.29 former low and the broken uptrend line before dropping again.
CHF/JPY Trading Conclusion!
Breaking below the uptrend line and through 153.29 was seen as a new selling opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
CHF/JPY Exhausted Buyers!
The CHF/JPY pair registered a strong drop in the short term and now is trading at 153.09 below the 153.29 former low which represented a downside obstacle. As you can see on the H1 chart, the rate dropped below the major uptrend line indicating that the uptrend ended and that we may have a new downside movement.
Technically, after its strong drop, we cannot exclude temporary growth. The rate could try to test and retest the 153.29 former low and the broken uptrend line before dropping again.
CHF/JPY Trading Conclusion!
Breaking below the uptrend line and through 153.29 was seen as a new selling opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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