CHF/JPY Price Analysis: Focus on the downside below 120.30

• CHF/JPY bears in charge, eyeing a test of criticla support. 
• 120.30 is a key level that needs to give out for the bears. 

The price of CHF/JPY is losing momentum within the daily correction and the following illustrates the beias to the sodside on a break of support structure. 

Daily chart

The price is shaping up for a lower high that would be expected to result in an M-formation from a daily perspective. 

4-hour chart

The bears will be looking to capitalise on a break of the 21-EMA and recent lows in a confluence supporting area between 120.14/25. 

1-hour chart

From an hourly perspective,t here is a solid looking structure that should be taken note of if the price shoots below it. 

With that being said, it may also act as a support at 120.30 and result in a failed downside test.