- CHF / JPY has been in the hands of the bulls on a monthly breakout.
- The price, however, could be about to change hands over a rest of the monthly supply area.
CHF / JPY has found support over the daily period which can act as a magnet on failures in the monthly supply zone. In doing so, it should result in a shorting opportunity with preferred probabilities.
The following is a top-down analysis from a market structure perspective and makes its way into the outlook on the short side with entry from the 117 mid-to-late zones to test the zone’s mid-range target. 116.
Weekly progress to the monthly supply area
As can be seen, the price took off after the completion of the reverse head and shoulders pattern.
Daily Swing Trade Fall Outlook
From a daily standpoint, the bears will line up for a failure at the supply area for the possibility of a short return trade to the W-neckline.