CHFJPY | Perspective for the new week | Follow-up details

FX:CHFJPY   Swiss Franc / Japanese Yen
We witnessed over 500pips move in our direction since my last publication on this pair (see link below for reference purposes) and it appears we are at another juncture where a possible Trend continuation is looming. The general risk-off tone of the markets is very likely to surge the Swiss franc into a higher high as I anticipate a Breakout/retest of Neckline @ Y120.700 area to clear all doubts off of Bearish tendencies.

Tendency: Uptrend ( Bullish )
Structure: Supply & Demand | Reversal pattern ( Double Bottom )
Observation: i. In the view of a long term perspective that projects Bullish expectations, it is pertinent that we notice that price has continued to remain above Y119.000 since it broke above this level on the 29th of April 2021.
ii. The Swiss Franc lost all it had gained (over 300pips) between 29th of April and 15th of June 2021 and at the time of writing this report price has come back to settle at the Demand zone where the Bullish run started.
iii. The price consolidating between Y119.000 and Y120.700 confirms the indecision that has gripped the market in the last 3 weeks which also calls for patience if we plan to trade this pair in the coming week(s).
iv. The appearance of a Double Bottom (an extremely bullish technical reversal pattern) inside the Demand zone expresses a build-up that supports a change in trend and a momentum reversal from prior leading bearish price action as the twice-touched low @ Y119.000 area confirms this zone to be a strong support level (as long as it is not broken).
v. Considering the Impulsive Bearish move prior to the consolidation phase; I look forward to a Breakout of Neckline (key level @ Y120.700) for confirmation to hop in a rally.
vi. It is also necessary that I state here that the Demand level is exactly at a 61.8% retracement of a Bullish Impulse leg on a higher time frame (see weekly chart).
vii . Even as I remain unable to rule out a possible breakdown of Demand zone , Break out of key remains our yardstick for Bullish expectation in the coming week (s)... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:5
Potential Duration: 7 to 15days

NB: This speculation might be considered to make individual decisions on the lower timeframe.

Watch this space for updates as price action is been monitored.

Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Comment: Weekly perspective:

Comment: Follow-up details: ASCENDING CHANNEL

Price action appears to began the uptrend continuation.

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