Important levels for CHF/JPY

Important levels for CHF/JPY

Information is not investment advice

Trade ideas:

SELL 108.60; TP 108.25; SL 108.75

BUY 109.15; TP 109.40; SL 109.05

CHF/JPY met the resistance of the declining 50-day MA and turned down. Its potential target lies at the support line connecting the lows of May in the 108.25 area. That is a likely scenario as the yen seems like the stronger safe haven than the franc.

The overall downtrend is in place since September 2018. On H1 moving averages made a negative intersection. The outlook will remain negative as long as CHF/JPY stays below the weekly pivot at 109.05. If the pair managed to return above 109.15, it will be able to retest 109.40. Still, another return to 109.75 will make us once again look for the opportunities to make a sell trade.

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To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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