CHF/JPY may fall 79 - 113 pips

Our pivot point stands at 168.93.

Our preference

The downside prevails as long as 168.93 is resistance.

Alternative scenario

Above 168.93, look for 169.50 and 169.84.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 169.18 and 170.16).

Supports and resistances

169.84 **

169.50 *

168.93 **

168.70

167.88 last

167.09

166.75 **

166.41 *

166.07 **

Number of asterisks represents the strength of support and resistance levels.