CHFJPY LONG TERM CHANNEL ON THE BRINK OF A VIOLATION!

Observing the 4 HOURS charts on this pair it seems the price is confined in a long term channel which also reflects on the daily charts. A break of channel both on the daily and 4 hour charts would confirm a possible move to the downside targeting the crucial support of 107.800 level!
To add to the list of the confluence factors on the daily time frame the RSI is forming a bearish divergence indicating the bulls are running out of steam.

The weekly chart image shows the price confined in a long term triangle, which might act as a possible route to where the price is headed.

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Comment:

DAILY CANDLE HAS BROKEN THE TREND LINE AND I WILL WAIT FOR THE CLOSE OF THE CANDLE AND RETEST ON 4 HOUR CHARTS.

Trade active:

TRADE TYPE: INSTANT ENTRY AT AROUND 111.555 LEVEL
TP: 108.800
SL: 112.700
RISK TO REWARD: 1:2.39

Stay tuned for any updates.

Comment:

ADJUST SL TO 112.400

Trade closed: stop reached