Opportunities in the CHF/JPY 24/01/2023

24 gen 2023Upon analysing the market, we have identified an opportunity in the CHF/JPY currency pair. A thorough examination of the 4-hour chart reveals that this pair has been adhering to a downtrend, utilizing it to drive momentum to the downside. Following a decline of over 650 pips, the price appears to have undergone a corrective move to the upside, which can also be referred to as an ABC pattern. This move has created a slope support, which has now been breached. Additionally, we can observe the MacD weakening and transitioning downwards. We believe that taking profit at around 138.85 then 135.75 would be a wise decision..
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