Yen’s impressive and sharp Thursday rally from the suspected Japanese government intervention has sent CHFJPY lower.

Join me as I share my first Finlogix analysis and trade plan for the CHFJPY cross pair.

There are no high impact economic reports both in Switzerland and Japan this week.

Assessing CHFJPY’s high timeframe candles:

Yearly Candle: A Green Body with a Longer Head Wick

Monthly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Red Long-Legged Spinning Top

Weekly Candle: Previous close is a Green Hammer current is a Red Body with a Longer Tail Wick

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Long Lower Shadow

In today’s analysis, I’m referencing July 10-12’s swing high to swing low moves as retracement points of view.

We saw a sharp drop in CHFJPY based on these retracements leaving a new 4H bearish FVG behind.

Also from these retracements, the 182.50 and 173.75 are the price extremes if we consider both the upside and downside 1.618 fib extension levels.

At time of writing this analysis, CHFJPY’s price is facing difficulties in clearing 177.90 levels although it is hovering in discounted arrays, the bearish 4H FVG is the bigger issue.

The market participants should eye more progress regarding BoJ’s raising of interest rates possibilities.

As a follow up, today’s CHFJPY trade plan is also a short trade along with my other Finlogix JPY related cross pairs.

I like to enter through the 4H bearish FVG’s midpoint area with stop loss set at the 180 level plus 20 pips while the take profit is aimed towards the April 28-29 scam wick intervention.

In order for this to happen, we need the bears full control to target the downside’s 1.618 fib extension level.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

CHFJPY Intraday Analysis and Trading Plan For July 12, 2024

Jul 12 2024

Pending

Published 314d ago

173.430

Current price

178.700

Entry price

1