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

FX:CHFJPY   Swiss Franc / Japanese Yen
We had a 100pips move in our direction since my last publication (see link below for reference purposes) and with the current structure in the market, it appears we are back on the track of a rally continuation which I projected on the 11th of July 2021 (see speculation in the link below). With the anticipation of the Swiss Producer and Import price later on in the coming week- an event termed as non-high impact , the indecision that gripped the market in the last couple of months could be coming to an end as I look forward to taking a long position on this pair as only if price action remains above my Key level @ Y119.700.

Tendency: Uptrend ( Bullish )
Structure: Breakout | Supply & Demand | Reversal pattern (retracement)
Observation: i. Like I stated in my publication on the 11th of July 2021 (see link below); 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 remained effectively "supported" at Y119.000 tagged the Demand zone .
ii. Considering the Bullish long-term perspective on this pair (see daily/weekly chart) and the inability of sellers to push below Y119.000 in the last two months, the consolidation phase that started mid-June 2021 has a tendency to do a Breakout in the coming week(s).
iii. Multiple rejections of Y119.400 in the latter part of last week trading session is a clue that Bullish momentum is building in the background.
iv. In this regard, I look forward to a significant breakout of Trendline which will make a confluence of Key level @ Y119.700 in the near future and a possible transition into a harmonic pattern (AB = CD) with parameters explained below;
a. Impulse A-to-B is expected to be in harmony with the potential C-to-D leg.
b. The B- to-C leg is currently at 61.8% Fibonacci retracement (with a possibility of retracing into 78.6%) of the A-to-B leg.
c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext . of the A-to-B move @ Y122.000/122.200 area.
v. As long as the event unfolds to us as speculated, an opportunity to add a position may present itself to us when price successfully do a breakout/retest of Y120.000... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:7
Potential Duration: 6 to 10days

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: Daily perspective confirming the possibility of a trend continuation as Y119.000 Level appears difficult for sellers to break: