CHFJPY is reaching the long-term wedge resistance lineÂ
CHFJPY is reaching the long-term rising wedge uptrend resistance line 121.825. This upside resistance is coupled with the median line of the long-term Pitchfork channel and the pair is in the short-term rising wedge. A lot of resistance for the upside and it seems it could be capped here for a reversal lower. A break below 121 would lead to a hard downside reversal and a confirmed break above 121.800 is required for the upside continuation.
Note – looking at the price action it is a higher probability trade to wait for a break below 121 to enter a short trade
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