FX.co ★ CHFJPY broke below descending trendline support! Further drop incoming!

Price broke below ascending trendline support turned resistance. With technical indicators showing room for further downside, a further drop below 1st resistance at 117.231 towards 1st support at 116.776 could be possible.

Trading Recommendation

Entry: 117.231

Reason for Entry:

50% Fibonacci retracement, ascending trendline resistance

Take Profit: 116.776

Reason for Take Profit:

-61.8% Fibonacci retracement, 100% Fibonacci extension

Stop Loss: 117.373

Reason for Stop Loss:

Last swing high resistance