CHFJPY | Perspective for the new week | Update

FX:CHFJPY   Swiss Franc / Japanese Yen
This is a follow-up on my previous publication as we are yet to find a headway (see link below for reference purposes)... Recall, I mentioned in my last publication that we are in a long term uptrend situation on this pair. However, it appears the price is going through a corrective phase that might incite the much-expected rally in the nearest future.
In this regard and despite Bullish expectations, I am looking for a "quick" counter-trend opportunity with hopes of a rally in sight.

Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Harmonic pattern (AB = CD)
Observation: i. Since the 16th of February 2021, Bears have been engaging the charts as I expect a transposition to a Harmonic pattern (AB = CD) this week.
ii. ABCD pattern with parameters explained below;
a. Leg A-to-B is expected to be in harmony with the potential C-to-D leg.
b. The B- to-C leg is currently hovering around 61.8% (with a possible 78.6% in the future) Fibonacci retracement 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 @ Y115.500/115.000 area.
iii. My Key level @ Y117.300 shall be my yardstick for Bearish expectations in the coming week as any spot below this level is good for me!
iv. This been said, I am advising that taking this trade requires utmost attention as we are generally on an uptrend and factors that might disrupt this set-up giving way for an immediate rally continuation can happen anytime... trade consciously :)!
Trading plan: SELL confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:3.5
Potential Duration: 4 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 foreign exchange trading, CFDs, 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.