After falling from consequent 2015 highs of 138.95 and 134.65 down to 101.88 in mid 2016, CHFJPY
bounced back to 0.5 of its previous move where it faced strong supply zone
and and thus formed point 5 of the major bearish
yellow formation. Following that, the price resumed its downtrend.
Even though, this global outlook is useful to understand the long-term possible movement of the pair, it can also be used to adjust the possible targets for the short/mid term as there is a strong demand zone
ahead quite lower than TP1 (point 6):
8 short positions were opened.