CHFJPY at Support: Week of 8 March 2021

The chart below is that of the CHFJPY daily and it is currently testing support.

From this chart you can see how resistance became support and how this support has been tested a couple of times, making it a significant area in my opinion.

The latest bounce has been very weak and now the pair is testing that support again in the form of spinning tops (small real bodies), showing indecision.

I’m not sure what will happen next, one can never be sure. But one possibility is it bounce from here. And the other possibility is that it breaks support which means it can move lower.

This is how I currently see this pair, and I will need additional criteria before I enter this trade, whether is a long a short.

On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. See Disclaimers.

Thanks for reading.

Thanks and Regards,

Trading SOS SOS