CHFJPY Shorts To Target 139.00

Thurs 12th January 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• CHFJPY

CHFJPY Shorts To Target 139.00

In today’s currency strength video we identified CHFJPY from the currency strength indicator tables.

The JPY is the strongest currency on both tables and the CHF is the weakest. 

Price has traded through a recent consolidation that formed around the 143.00 handle.

Now price has broken down through this level we could expect price to test the 139.00 lows formed on January 3rd.

Traders looking to sell this currency pair could watch for a lower high to form at the resistance of 142.00 which holds confluence with the daily 200 moving average.

Technical Observations

• The CHF is W1 and JPY is S1 on the both trading tables.
• Price has fallen since finding the highs at 151.00.
• Most recently the price traded though and retest the the 143.00 level where sellers re-entered the market.
• On the H4 chart price has seen to have broken down through a consolidation pattern low at 142.00.
• The level of 142.00 could be used as resistance if the price were to retrace back to it for further short opportunities.
• Short traders will be looking to test the 139.00 lows which formed on the 3rd January.