The CHFJPY Looking To Push Through Support

The CHFJPY Looking To Push Through Support

We last posted on the CHFJPY on March 19th when price has broken through pivot support which triggered us into a short trade.

As has been the feature of FX, this has since been a slow mover, with price moving into profit and then pulling back to our entry point and remaining in consolidation since.

However, the moves of last week have looked for more promising with price weakening nicely to the pivot low of March. This is where we now want to see the bears really take control of the market and break and close below this pivot support level . Price did attempt a break below on Friday but failed.

If we look at little deeper, we can also see the key support level of the round number 110 slightly below the March pivot low.

To add further compounds to the short position we already have in play, a break and close below the March low will not suffice given the space to 110 support. This does not offer a viable risk to reward.

As a result, we then will need to apply a little more patience and wait for price to close below 110 and confirm this level as resistance before placing any more short trades.

Patience is very much an aspect of trading many struggle with and hence the popularity of day trading. The reality is that patience is a key skill of trading and one that needs to be embraced and mastered if you are to see consistent growth while simultaneously protecting your hard-earned money.

Trade well not often as the expression goes.

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Sublime Trading