CHFJPY 132.22: Bearish – Breaks below a 2-month rising trendline

CHFJPY stalled at 134.61/134.51 (June 9/22, 2015 highs) near 76.4% of the entire 138.91/119.89 fall. Subsequent decline broke below a 2-month rising trendline (as shown on the 240 minute chart) to suggest scope for further weakness towards the
131.48 range low (June 15, 2015). Below the latter would form a double top at 134.61/134.51 and weaken further towards 130.75 near (61.8% of the 128.16/134.61 rise). Back above the 133.16/133.50 resistance zone stabilizes the pair for 134.61.
Outlook:
Short term: bearish
Long term: bullish