JPYCHF, In Downtrend-Channel Till Price Manages To Reverse!

Hi my friends,

Welcome to this analysis where we are looking at JPYCHF 4-hour timeframe perspective, the current formation, what to expect the next times, and how to handle the upcoming scenarios.

Looking at my chart you can watch that JPYCHF is in a confirmed downtrend where it is moving in a downtrend-channel marked in blue, furthermore, it is forming a wave count to the downside where it is currently forming wave D of this overall eave-count which is directly running into resistance which is marked in red within my chart, this is the 61.8 % Fibonacci-resistance of the previous wave to the downside, this resistance is also matching together with the upper boundary of the channel and the 60-EMA marked in black together building a coherent resistance-cluster here which is highly likely to confirm to the downside like it is marked in my chart when this happens decline will follow-up till there is solid support in which the price can stabilize and form a reversal, this is the blue range you can watch in my chart between the 0.008348 and 0.008379 level where the price can confirm support and reverse to possibly break out of the downtrend channel as this is happening sooner or later in such a channel, nevertheless till then the price-action remains to the downside.

In this manner, thank you for watching, support for more market insight, all the best!

Information provided is only educational and should not be used to take action in the market.