CHFJPY H4: Bearish outlook seen, further downside below 142.20
On the H4 time frame, prices are showing bearish market structure with lower lows and lower highs being formed. A pullback to the resistance zone at 142.20, in line with the graphical resistance zone and Fibonacci confluence levels could present an opportunity to play the drop to the support zone at 137.50. Prices are holding below a descending channel as well and stochastic is facing bearish pressure from its resistance and an exit of the overbought region could signal more downside in prices.