week6 chfjpy Big Move down looking for retracement setup

Big Pictures on Monthly shows a bearish engulfing.

week6 CHFJPY monthly bearish engulfing 030214

On the h4 timeframe, I will be looking for a retracement towards 2 weeks low.
Also notice that after price closed below 118.53, it seemed to have been rejected several times by the key resistance level and stay below.
On the setup, will be looking at fib5 as well.

week6 chfjpy big move waiting for retracement 030214

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