CHFJPY medium-long term bearish hypothesis
The CHFJPY 0.10% cross could make us see a drop of around 105.926.
Analyzing the 61.8% retracement of the medium term that meets with a resistance to 113,700 could give way to a short return of the price movement. The probable arrival point could be around 105,926 which represents a level of fibonacci at 127% (it comes from the reversal of the bearish movement of the first bearish reference leg) that flows into a long-term static level of 106,000.
Furthermore, the 9-period RSI divergence confirms the hypothesis also for the arrival to an oversold situation.
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