‘CHFJPY – There’s a downward breakout from the Channel Up through support. The target is set at 169.15.’

A trading scenario was spotted on CHFJPY. The CHFJPY price breached the support line of an upward channel pattern on 01 Mar 2024 at 12AM. A potential downward price movement is anticipated for the next 2 days towards 169.15.

The pattern’s overall visual quality is superior. The price’s initial trend before this trading scenario’s formation was fairly robust. The trading scenario is well-defined, with minimal noise during the oscillations between support and resistance. The support breakout was notably feeble. It is advisable to wait for additional confirmation of this breakout before initiating a position.