CHFJPY Bull Trap

Chfjpy has been on a clear downtrend. However, the past 2 weeks have hinted a sign of reversal.


Notice how price made a higher high and a higher low. Yet, this entire move was wiped up in less than 24 hours. Clearly, the red region marked has been a bull trap, allowing institutions and the big boys to short at a higher level.


Price retest the 83.293 level which was a previous week high and nicely bounces off. This clearly shows that 83.293 is indeed a respectable level.



 Examining it further, we realize that it nicely coincides with the most commonly known fibonacci level, 61.8%.

Expect a big move down as the big boys are in, smashing through a lot of stops. I'm looking at price to break through the previous low of 79.603.