Welcome to this analysis about CHFJPY , we are looking at the hourly timeframe perspectives. CHFJPY in the recent times has formed an interesting structure as I discovered that can lead to upcoming volatilities and a possible short-side-entry. As when looking at my chart we can watch there how CHFJPY severely pulled back from this descending-trend-line marked in dashed grey, in this structure now as I detected CHFJPY is forming this double-top-formation with the first top and second top almost already completed, the also confirmed the second top here and the increased within the second top is indicating that the whole double-top-formation will likely complete in the next times.
Taking these factors into the consideration now it is necessary to keep patient and await the final double-top-confirmation below the neckline as it is marked in my chart, such a breakout below the neckline will complete the whole formation and firstly activate the initial target at around the 119.94 level. When this first target is reached it has to be elevated how CHFJPY continues from there and if the pressure increases further, when this is the case the second target lying at the 119.8 level will be pointed and when CHFJPY reaches out there it needs to be elevated how it continues with bullishness or bearishness. For now it needs to be shown how the formation completes and activates the targets.
In this manner, thank you for watching my analysis about CHFJPY and the decisive double-top-formation that has a high possibility to complete in the next times, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
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Information provided is only educational and should not be used to take action in the markets.