CHF/JPY Price Analysis: A change of hands in the making

• CHF/JPY has been in the hands of the bulls on a monthly breakout.
• The price, however, could be about to change hands on a  restest of the monthly supply zone. 

CHF/JPY has found support on the daily time frame which may act as a magnet on failures of the monthly supply zone. In doing so, this should give rise to a shorting opportunity with favourable probabilities. 

The following is a top-down analysis from a market structure point of view and works its way into the prospects for the short side with entry from the mid-late 117 zones back in to test the mid-range target of the 116 area.

Monthly breakout

Weekly progress to the monthly supply zone

As can be seen, the price took off following the completion of the reverse head and shoulders pattern.

Daily swing-trade downside prospects 

From a daily perspective, bears will be lining up for a failure at the supply zone for the possibility of a short trade back to the neckline of the W-formation.