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

FX:CHFJPY   Swiss Franc / Japanese Yen
Following a 100pips move in our direction since my last publication on this pair (see link below for reference purposes), I see a short term opportunity as the current structure in the market insinuates that a temporary decline in price is imminent after observing a significant Breakdown of JY119.500 in the course of the last week trading session.

b]Tendency: Downtrend ( Bearish )
Structure: Supply & Demand | Trendline | Reversal pattern (Breakdown)
Observation: i. If we go as far back as August 2021, we will observe multiple rejections of the JY120.5000/120.000 zone; a feat that suggests a strong zone for the demand of Japanese Yen.
ii. The visual representation of a line drawn under pivot lows in the last couple of weeks reveals the prevailing direction of price action which culminated at a peak of JY120.210 before the downward spiral.
iii. The sudden Breakdown of this Bullish trendline during last week trading session reveals that buyers lost momentum.
iii. However, It is worthy to note here that we are still within a good demand zone (JY119.000/119.200) for the Swiss Franc .
iv. Following the Breakdown of the Key level @JY119.500, the retest of the Key level on Friday signals a change of baton as I anticipate a takeover from the sellers in the coming week.
v. In this regard, below Key level remains a comfortable zone to sell the Swiss Franc with an opportunity to add to our existing position if the Demand zone no longer holds the selling pressure.
vi. In the meantime, the Bearish bias on this pair remains temporary... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 100 pips.
Risk/Reward: 1:3
Potential Duration: 1 to 4days

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.