CHFJPY: Important Breakout & Bearish Outlook

CHFJPY has broken and closed below a strong horizontal support level on an intraday basis. The highlighted blue area also serves as the neckline of a cup and handle pattern.

This violation could lead to further downward movement in prices.
The next targets to watch for are 171.19, which is the current lower low, and then 170.39.

To enter trades, it is advisable to consider the broken structure.