#CHFJPY 1DAY

CHFJPY (1D Timeframe) Analysis

Market Structure:
The price is testing a trendline resistance, which has previously acted as a barrier to upward movement. A bearish engulfing candlestick pattern has also formed near this resistance zone, indicating potential selling pressure.

Forecast:
A sell opportunity is anticipated as the price faces rejection from the trendline resistance, supported by the bearish engulfing pattern signaling downside potential.

Key Levels to Watch:
Entry Zone: Near the trendline resistance after confirmation of rejection.
Risk Management:
Stop Loss: Placed above the trendline resistance or the high of the bearish engulfing candle.
Take Profit: Target the next support levels or Fibonacci retracement zones for potential downside targets.

Market Sentiment:
Bearish signals suggest sellers may take control if the price remains below the trendline resistance, maintaining downward momentum.