CHFJPY: Important Decision Ahead

2 Sep 2020

CHFJPY is stuck on a key weekly structure resistance.

the price got rejected and set a lower high on a daily.
head and shoulder formation has formed on lower time frames.

currently, the last resort for buyers is the support line of a major rising parallel channel.
now we see its breakout attempt.

to be involved in this selling movement, I would suggest waiting for a breakout of 116.3 - 116.5 horizontal neckline cluster.
it will confirm a channel breakout and will increase the chances of a decline.

first goal - 115.5


in case of a new higher higher higher close on a daily, setup will be invalid