CHFJPY approaching resistance, potential drop!

27 thg 7, 2018

CHFJPY is approaching our first resistance at 111.95 (horizontal overlap resistance, 23.6% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 110.30 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension). A breakout below our intermediate support at 111.14 (horizontal overlap support, 100% Fibonacci extension, 50% Fibonacci retracement might provide the bearish acceleration to our major support level). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is seeing a bearish exit and we might see a corresponding drop in price.
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