CHF/JPY may fall 83 - 121 pips

Our pivot point is at 174.72.

Our preference

Target 172.95.

Alternative scenario

The upside breakout of 174.72, would call for 175.36 and 175.74.

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 pair is trading under its 20 period moving average (174.33) but above its 50 period moving average (174.04).

Supports and resistances

175.74 **

175.36 *

174.72 **

174.47

174.16 last

173.33

172.95 **

172.57 *

172.19 **

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