CHFJPY – Negative Trend Still Intact?- Update
22nd February 2016
On January 26th we wrote about the negative trend in CHFJPY and how our technical analysis indicators pointed to still lower levels.
Our initial target was 111.87. This has yet to be reached as our report was followed by a profit taking bounce.
However, that rally was limited to one week and since that time sellers have dominated the cross with 3 consecutive negative weekly performances taking CHFJPY to the most negative levels traded since October 2014.
There is no sign yet that this decline is exhausted and so we continue to look to 111.87 as a target with 108.12 behind that.
A move above the 13 week moving average (117.85) would concern but only a weekly close above the falling 21 week line (119.51) would be bullish for CHFJPY.
