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

FX:CHFJPY   Swiss Franc / Japanese Yen
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🟢Forex Pair:

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.

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

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I appreciate your work.
+1 Reply
@abel11 many thanks Abel !
well done gianni!
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, Thanks a lot Rich!
Great analysis! 📊🦐
+1 Reply
FXtrades-gp plancton0618
@plancton0618, Thanks so much plancton! really appreciate :)
nice set up thanks for sharing
+1 Reply
FXtrades-gp MMBTtrader
@MMBTtrader, You're more than welcome man, thanks for ur support! :)
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