CHFJPY Wave Analysis - False channel break

CHFJPY is at an interesting point right now. Like most of the Yen Pairs it is at the top of the outer structure and a nice move to the downside will happen next.

We discussed CHFJPY last week with the same outlook:
https://www.tradingview.com/chart/CHFJPY/5NqlYLMc-CHFJPY-Wave-Analysis-Do-not-miss-the-turn/

Since then we finally finished Wave 5 and got a classic fake breakout aka Fakeout.

The channel was broken to the upside with a last push of wave 5.
Price then formed a sell signal on the 4H chart and broke to rising trendline of wave 5.

The downside momentum should happen pretty soon, so be openminded for the opportunities the market presents.