CHF/JPY may fall 118 - 164 pips.

CHF/JPY may fall 118 - 164 pips.

Our pivot point is at 201.54.

Our preference : The downside prevails as long as 201.54 is resistance Alternative scenario Above 201.54, look for 202.32 and 202.78.

Comment : The RSI is below 30.

It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case).

The MACD is below its signal line and negative.

The configuration is negative.

Moreover, the price stands below its 20 and 50 period moving average (respectively at 201.49 and 201.99).