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CHF/JPY Stalling at Key Support/Resistance Area

The CHF/JPY found support just under 122 a early last week and has been in a bullish correction as we can see in the 4H chart. 

CHF/JPY 4H Chart 9/17

(Click to enlarge)

The bullish correction is now pushing against a key support/resistance area between 124.80 and 125.25. So far, the market has lost some of the prevailing bearish bias and momentum, but there is no bullish momentum yet in this time-frame, as the 4H RSI avoids 70.

Also, the structure of the rally so far could very much be corrective, something like a flag pattern. 
Let's see if the market will hold here around 125 and eventually push price back below 124. If so, we might have a bearish continuation signal with at least the 122 area back in play. 

Today, the Swiss National Bank ended its monetary policy meeting by maintaining the status quo of 0.75% libor rate. It did note that the Swiss Franc was overvalued. This statement should provide some pressure on the CHF. So, let's see if the market gives into the prevailing bear-trend in CHF/JPY and finish up this bullish correction since last week.  

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