CHFJPY 4H next downside leg?
Having seen the pair previously break a long term ascending Daily/Weekly Trend line and a retest of the key level 114.370, we seen a change in sentiment and can now look for price to start forming legs downside!
Intraday time frame we see price form a “Price Imbalance” in the market which is highlighted by the grey box, we see a 50% FIB rejection on two separate occasions with our third tap currently over extended giving us a good indication we could now start to see downside volume as we form a triple top at the resistance!
I will be looking for price to form its next leg lower into the first extension level which also falls in alignment with a previously low!
Comment your thoughts on the analysis and write up above!