I last posted about CHF/JPY here. We had a nice break of the uptrend, and have been retracing to the bottom of the trendline over the past few days. I think today's rally should ultimately be rejected and we should see new trend lows coming up.
Notice that price has retraced back to a strong roof of resisting trendlines. From the looks of it, 89 should cap prices.
Notice that we got a reverse waterfall pattern on this rally, as seen on the 4h chart above. This parabolic rally into previous resistance increases the likelyhood that we just saw a forced short-covering rally instead of real buyinig. I think we'll accelerate lower into Wave-iii of Wave3 soon.
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