CHFJPY: Is the Price COLLAPSING AGAIN? (Possible Scenario)

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🟢Forex Pair:
CHF/JPY

⚪Technical Analysis:
Since December 2020, the price has been moving with a side trend, keeping the price between the resistance zone at about 118.000 and the support zone at about 116.200.
A couple of days ago it reached again the main resistance, failing the attempt to break the level and starting falling down with a strong downbar.
The price is currently showing us a possible bearish signal and the next daily session will be essential to understand properly the next market movement.

🔴Conclusion:
The daily session closed with an interesting pinbar, the price is overbought and got a rejection on the support area.
I'm confident then, to see the price getting an upcoming bearish movement until its next support zone.
I'll be waiting the next h4 session before eventually start planning my short position on this trade.

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What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni