CHFJPY has travelled precisely in accordance to our analysis/ signal published on 4th Aug with our entry price 120.63, stop loss 121.35 and take profit 119.28 - while the market ended its bearish move at 119.15. This signal was anticipated on the basis of being aware that the pair had been a part of the corrective structure since its breakout in June and has made more of a complex corrective structure, providing retail traders with a range bound situation between 121.0 acting as a strong resistance and 119.25 as our major price action support. CHFJPY failed to break above our key price action or give us a prominent bullish closing above i.e 121.0 while also landing below our four hourly exponential moving averages 8, 13 and 21 which indicated that bulls would be driving the market lower. Another thing to be focused about was our 61.8% fibb level which we mentioned as a strong bullish reversal zone if the pair didnt take an exit from the extended corrective - range bound situation. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Retail traders who went through our bullish and bearish conditions/ possibilities from the previously published article on CHFJPY, mustve cashed the opportunity of swift bullish reversal from 61.8% fibb level because we anticipated that the current extended structure might just be providing bearish retests before going any further high. Placing the fibb level on monthly chart from 139.20 to 102.18 shows that CHFJPY is trading near 50% fibb level which indicates that the bearish correction of higher degree mustve been completed and the pair is ready to continue its bullish trend. Still we would advise our viewers to wait for a breakout above our strong resistance i.e 120.90 -121.10 which would confirm the execution of bullish positions on a more safer and low risk note. 

CHFJPY

Aug 29 2021

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