CHF/JPY continues the downtrend

2 thg 12

On CHF/JPY , it's nice to see a strong sell-off from the price of 171.540 and 172.500. It's also encouraging to observe a strong volume area where a lot of contracts are accumulated.

I believe that sellers from this area will defend their short positions. When the price returns to this area, strong sellers will push the market down again.

Support from the past and high volume cluster are the main reasons for my decision to go short on this trade.

Happy trading,

Dale