CHFJPY Threatening Mid-Channel Support

FX:CHFJPY   Swiss Franc / Japanese Yen
625 5 13
CHFJPY             is threatening the mid channel support, showing some serious bearish action, but I will be waiting for a clear break with stability below 114.73 support, the key to confirming this bearish scenario. That would suggest a move to 111.68 next key swing low and support level as an initial target. Followed by the main ascending support for the rising channel . Again, i am not short yet, I will be waiting for confirmation and a clear break below 114.73.

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A nice GDP print of 5.9% has set this up very nicely. Great work!
Would a close today on a daily bar well below 114.73 signal the beginning of the downtrend? Or are you waiting for a few more confirmation bars? Or a weekly bar for that matter?
Technician dgreenan24
If we close today below 114.73, i will wait for a minor pullback, and look to short if i see a candlestick confirmation over the four-hour interval.
+1 Reply
Nice chart. I have a D-chart (not published yet) with signs of short also.
Totally agree. I'm watching this one too.
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