CHF/JPY may fall 81 - 120 pips

Our pivot point is at 174.38.

Our preference

Target 172.63.

Alternative scenario

Above 174.38, look for 175.04 and 175.43.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (173.95) but above its 50 period moving average (173.77).

Supports and resistances

175.43 **

175.04 *

174.38 **

174.12

173.83 last

173.02

172.63 **

172.23 *

171.84 **

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