Hello traders. On this Daily analysis of CHFJPY, we see the potential of a Head & Shoulder (H&S) pattern forming within our long term parallel channel. The left shoulder (LS) and the Head (H) have already been formed and we are now awaiting confirmation of the the Right Shoulder (RS). In this H&S pattern, it can be observed that the Neckline (NL) is in the 124.000 region and the RS is expected form in the 124.500 or the 125.000 region. If the RS is formed, our entry reason for this short position would then be a break and close below the neckline on the daily TF. A more conservative entry would be a break below and retest of this neckline. The projected levels for this short position setup is in the 120.400 or the 118.800 region.
Comment:
Right shoulder has been formed. Now awaiting an entry reason.
Trade closed: stop reached