CHF/JPY Price Analysis: Focus on the downside below 120.30

CHF/JPY bears in charge, eyeing a test of critical support.
120.30 is a key level that needs to give out for the bears.

Ross J Burland FXStreet

The price of CHF/JPY is losing momentum within the daily correction and the following illustrates the bias to the downdside on a break of the support structure.

Daily chart

The price is shaping up for a lower high that would be expected to result in an M-formation from a daily perspective.

4-hour chart

The bears will be looking to capitalise on a break of the 21-EMA and recent lows in a confluence supporting area between 120.14/25.

1-hour chart

From an hourly perspective, there is a solid-looking structure that should be taken note of if the price shoots below it.

With that being said, it may also act as a support at 120.30 and result in a failed downside test.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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