The CHFJPY prepares for new decline – Analysis – 30-1-2023

The CHFJPY pair ended the correctional bullish rebound by providing new negative close below 38.2% Fibonacci correction level, to form solid barrier at 142.30 and confirm the continuation of the negativity for the upcoming period, to notice its crawl towards 140.75.

Note that the major indicators agree to provide the negative momentum, to increase the efficiency of the bearish track, to keep waiting to crawl towards 139.40 and form the first negative target for the current trades, while breaking it might extend losses towards 138.10 in the medium term period.

The expected trading range for today is between 141.40 and 139.40

The expected trend for today: Bearish