CHFJPY Wave Analysis - False channel break
CHFJPY is at an interesting point right now. Like most of the Yen Pairs it is at the top of the outer structure and a nice move to the downside will happen next.
We discussed CHFJPY last week with the same outlook:
Since then we finally finished Wave 5 and got a classic fake breakout aka Fakeout.
The channel was broken to the upside with a last push of wave 5.
Price then formed a sell signal on the 4H chart and broke to rising trendline of wave 5.
The downside momentum should happen pretty soon, so be openminded for the opportunities the market presents.
We discussed CHFJPY last week with the same outlook:
Since then we finally finished Wave 5 and got a classic fake breakout aka Fakeout.
The channel was broken to the upside with a last push of wave 5.
Price then formed a sell signal on the 4H chart and broke to rising trendline of wave 5.
The downside momentum should happen pretty soon, so be openminded for the opportunities the market presents.
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