CHJPY is rallying, may not be for too long
The CHJPY managed to make a higher high but on the chart we can see that the market is forming the bearish pattern ascending broadening wedge at key levels.
The upper side of the broadening wedge falls into a 1.382 Schiff pitchfork level from a long-term uptrend line.
If the market is to push lower, I am expecting a reversal from around the outlined zone.
P.S - The wedge is taken from the Weekly timeframe on a line chart so I can remove the noise and that's why on the daily the rays may seem off.
The upper side of the broadening wedge falls into a 1.382 Schiff pitchfork level from a long-term uptrend line.
If the market is to push lower, I am expecting a reversal from around the outlined zone.
P.S - The wedge is taken from the Weekly timeframe on a line chart so I can remove the noise and that's why on the daily the rays may seem off.
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