The CHF/JPY exchange rate has been trading between the 109.74/108.00 range since the beginning of August. The Swiss Franc depreciated about 1.53% in value against the Yen during last week’s trading sessions.
As apparent on the 4(H) chart, the currency pair has already reversed south from a resistance level set by the monthly pivot point at 109.74. From a theoretical point of view, the rate should continue moving south until it reaches the support level formed by the monthly S2 at 108.00.
Moreover, technical indicators demonstrate that the currency exchange rate will continue its decline in the shorter term.