BluetonaFX - CHFJPY Resistance SHORT Idea

Hi Traders!

There is a resistance short-to-support opportunity on the CHFJPY 1D chart.

Price Action 📊

The market has reached the 2-month resistance at 166.601 (August 2023 high), and bears are currently holding strong at this level. A continued hold here will most likely lead to a pullback to the support level at 164.000.

We are looking for the bears to hold and close below the market resistance level, which will be an entry signal to go short at the resistance level.

Fundamental Analysis 📰

With the current rising geopolitical tensions, the safe-haven proxy currencies, CHF and JPY, tend to be the likely outperformers in the foreign exchange market.
 
Support 📉

164.000: PREVIOUS RESISTANCE

Resistance 📈

166.601: AUGUST 2023 HIGH

Risk ⚠️
No more than 2% of your capital.

Reward 💰
At least 4% of your capital.

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Trade safely and responsibly.

BluetonaFX