The CHF/JPY currency pair is currently signaling further downside potential after forming a new lower high. Technically, the price action is developing into a Head and Shoulders pattern, which is widely recognized as a strong bearish reversal signal.
To confirm the bearish move, a break below the neckline is needed. Once the neckline is broken, the probability of a deeper decline toward the next support target increases significantly.
Recommendation:
- Sell Stop CHF/JPY
- Entry: 184.359
- Take Profit: 181.834
- Stop Loss: 186.041
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