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CHF/JPY - Price Bottom and a Reversal Signal

The CHF/JPY  has been bearish since June falling from highs around 136.20. We saw the latest swing in August coming down from a high of 129 down to about 122 last week. Then the decline stalled.

CHF/JPY 4H Chart 9/9
(click to enlarge)

After some choppy sideways action, CHF/JPY rallied to 124.00 during the 9/9 session. This completes a price bottom and broke a falling trendline from August. 

This is a very short-term bullish signal, within the context of a medium-term bearish mode. The first level to monitor for resistance is 125.00, with a slightly more aggressive outlook towards the 126.00 pivot. Also if there is a pullback, the 123.00 pivot should provide support if the price bottom is indeed one. A break below 122.50 would signal a return of control to the bears. 

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