CHF/JPY Price Analysis: Bulls testing critical resistance

•  CHF/JPY bulls testing bearish commitments at M-formation's neckline. 
• Support is expected to contain the bears on a re-test. 

As per the prior analysis, CHF/JPY Price Analysis: Focus on the downside below 120.30, the price melted to the downside.

Prior analysis

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

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

Live market 

As illustrated, the price moved lower and formed the M-formation. 

Subsequently, the price is retesting the neckline of the chart pattern and if it holds, a retest of the support would be expected. However, an equal low makes for a double bottom and is too risky to test.

A break of the resistance, however, will open prospects of phase to the upside.