CHF/JPY Technical: On the Brink of a Potential Major Bearish Breakdown (CHF Weakness)

The CHF/JPY cross-pair has remained soft as it failed to surpass its 50-day moving average at around 170.00. The previous minor rally from the 11 Mar 2024 low of 167.08 was rejected at the 50-day moving average on 21 March 2024 and reversed sharply to the downside thereafter with a loss of -296 pips/-1.73% in the past three sessions as it printed an intraday low of 167.83 today

Sentiment is: Negative

Technical Analysis

CHF/JPY is en route to a very important line that will be a definite deciding factor of what is to come! We may see this trajectory continue to touch and break through 169.1520, unless it runs out of momentum and pulls back to current levels.

CHF/JPY approaching support level

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