Arguments to consider:
1) Just formed a bearish butterfly harmonic
2) RSI shows overbought levels
3) both H1 and H4 timeframes have bearish engulfings
4) the range is outside Bollinger bands for almost 12 hours
5) 118.100 - 118.400 is a previous multi year resistance area that was rejected since 2016, with 1 single fakeout breakout
6) in the last few months, CHF JPY bull runs had 8-11 days. The one we are in right now is already 12 days and already exceeded the pushes we previously had.
7) COT reports for this week shows that CHF is being heavily hedged, therefore indicating a possible trend reversal.
8) MACD (3, 10, 16) has crossed the lines on H1, for a bearish move.
9) MACD (3, 10, 16) and MACD (12, 26, 9) are showing volume bearish divergences on H1
10) We are in a possibly at the end of 5 step bullish move, started on 24 March on a higher timeframe and another 5 step bullish move started on 1st of April on a smaller timeframe.
SL = 118.700 = where Fib levels converge
TP1 = 117.500
TP2 = 117.000
TP3 = 116.700
1) Just formed a bearish butterfly harmonic
2) RSI shows overbought levels
3) both H1 and H4 timeframes have bearish engulfings
4) the range is outside Bollinger bands for almost 12 hours
5) 118.100 - 118.400 is a previous multi year resistance area that was rejected since 2016, with 1 single fakeout breakout
6) in the last few months, CHF JPY bull runs had 8-11 days. The one we are in right now is already 12 days and already exceeded the pushes we previously had.
7) COT reports for this week shows that CHF is being heavily hedged, therefore indicating a possible trend reversal.
8) MACD (3, 10, 16) has crossed the lines on H1, for a bearish move.
9) MACD (3, 10, 16) and MACD (12, 26, 9) are showing volume bearish divergences on H1
10) We are in a possibly at the end of 5 step bullish move, started on 24 March on a higher timeframe and another 5 step bullish move started on 1st of April on a smaller timeframe.
SL = 118.700 = where Fib levels converge
TP1 = 117.500
TP2 = 117.000
TP3 = 116.700