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mngFX

CHFJPY, Failed Breakout. H&S to bring price lower

Short
Swiss Franc / Japanese Yen (OANDA:CHFJPY)  
mngFX  
OANDA:CHFJPY   Swiss Franc / Japanese Yen
Head and Shoulders Parallel Channel Multiple Time Frame Analysis headnandshoulders bearishcontinuation reversal multitimeframeanalysis fundamental-analysis breakout
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headandshoulders parallelchannel mtfa headnandshoulders bearishcontinuation reversal multitimeframeanalysis fundamental-analysis breakout
Price action is looking bearish as buyers were unable to breakout of the HTF upper boundary, instead creating a strong reversal impulse followed by a continuation correction. To add confluence to this short set up, we can see a H&S pattern with price currently completing the right shoulder.

I do expect price to re test January's high, find an entry that meets your trading plan.

Thanks
Trade Safe

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