As you can see from the following trade opportunity alert, CHF/JPY recently reversed down from the upper resistance trendline of the Rising Wedge chart pattern identified by Autochartist on the 4-hour charts. The pair is expected to fall further toward the target level 103.33 in the next 3 trading days. The stop-loss for this forecast is set by Autochartist at 106.13 (point B, the top of this chart pattern). This point formed recently when the pair reversed down from the resistance area around 106.00 (which has reversed the pair down multiple times in the last few weeks). The strength of the resistance at 106.00 is also confirmed by two monthly Doji candlesticks which were recently created by the pair near this level – as is shown on the second chart below.CHF/JPY 1" width="600" height="372">
The following monthly CHF/JPY chart shows the previous price action close to the resistance level 106.00:CHF/JPY 2" width="600" height="719">