Daily TF shows us a strong, global Bearish Trend that started at the end of September 2018.
Local bearish trend line starting from December 11, 2018.
Looking at the chart for today, shows us a somewhat Tweezer Top rejection of higher prices with an incomplete bearish engulfing candle to the downside, all following 4 days of growth.
4HTF – also shows a sign of a bearish reversal with several patterns as a possible confirmaiton. Shooting Star / Doji / Engulfing. The price broke the 9 EMA down. Parabolic SAR has reversed. MACD lines have intersected.
Further movement down looks more favorable at this time, with targets being at 109.629 (38.2 Fibo) followed by 109.360 (50% Fibo).
In case the price reverses to the upside, we would like to see the price break above the local trend line, which is located very close to the 38.2 Fibo correction (from April 12, 2019). A break above the area of 110.192 could bring the price up to 110.801.
Fundamentally, Japan Retail sales come out this Thursday. The forecast is positive which is bullish for the Japanese Yen and Bearish for CHF/JPY.
Also, keep up with the happenings at the G20 summit this Friday and Saturday. US President Trump and Chinese leader Xi Jinping will be meeting to see if they can come to an agreement that can possibly ease the Trade War Tension between United Sates and China.
Local bearish trend line starting from December 11, 2018.
Looking at the chart for today, shows us a somewhat Tweezer Top rejection of higher prices with an incomplete bearish engulfing candle to the downside, all following 4 days of growth.
4HTF – also shows a sign of a bearish reversal with several patterns as a possible confirmaiton. Shooting Star / Doji / Engulfing. The price broke the 9 EMA down. Parabolic SAR has reversed. MACD lines have intersected.
Further movement down looks more favorable at this time, with targets being at 109.629 (38.2 Fibo) followed by 109.360 (50% Fibo).
In case the price reverses to the upside, we would like to see the price break above the local trend line, which is located very close to the 38.2 Fibo correction (from April 12, 2019). A break above the area of 110.192 could bring the price up to 110.801.
Fundamentally, Japan Retail sales come out this Thursday. The forecast is positive which is bullish for the Japanese Yen and Bearish for CHF/JPY.
Also, keep up with the happenings at the G20 summit this Friday and Saturday. US President Trump and Chinese leader Xi Jinping will be meeting to see if they can come to an agreement that can possibly ease the Trade War Tension between United Sates and China.