CHF/JPY Daily Outlook
Daily Pivots
Resistance level at 123.899
Pivot level at 123.572Support Level at 122.982, 122.693, 122.431
Technical Out look
Intraday bias in CHF/JPY remains bearish with 123.899 minor resistances intact, deeper decline is still expected for the pair as long as resistances holds the area, price action stays below resistances so far at this point with pair being rejected at this area now we view this as a correction. Thus, we’d expect resistance and intraday bias to remain bearish with break of 123.572 indicating near term bearish reversal has taken place and turn outlook to continue with downside bias and price action signalling bearish two bar rejection and currently below trend line
there is clear indication of trend reversal shifting the momentum. Current development suggest that the medium term downside are expected further low and focus shall be at 122.982 break here should make lower lows with 122.693 and later to 122.431 levels. However break of resistance level at 123.899 will dampen our bearish view on the pair and look to upward bias, Outlook remains bearish for intraday.