There's a hanging man candlestick pattern in the making on CHF/JPY near to the 200 period moving average which could lead the price lower in today's London session. Ideally we would like to see the candlestick pattern formed right at the 200 period golden moving average which will increase the probability of this setup. If the price closes below the low of the previous bar, we will then officially have a hanging man candlestick pattern formed. Note that the Stochastic indicator and Commodity Channel Index (CCI) are both showing the price is currently overbought which increases the odds for sellers. We could potentially have some selling opportunities in today's London session and the lower band of the Bolinger Band could serve as a target for sellers to take profits.
There's a hanging man candlestick pattern in the making on CHF/JPY near to the 200 period moving average which could lead the price lower in today's London session. Ideally we would like to see the candlestick pattern formed right at the 200 period golden moving average which will increase the probability of this setup. If the price closes below the low of the previous bar, we will then officially have a hanging man candlestick pattern formed. Note that the Stochastic indicator and Commodity Channel Index (CCI) are both showing the price is currently overbought which increases the odds for sellers. We could potentially have some selling opportunities in today's London session and the lower band of the Bolinger Band could serve as a target for sellers to take profits.