Following our previous analysis, CHF/JPY continued to move lower after rejecting R4 (131.30) and R2 (129.32). No signals of reversal to the upside of any kind should result in acceleration of the trend and a fast decline towards S1 (126.10) support area.

If you hold any short positions, consider holding them and potentially scaling up while rate is near R1 (128.09). A target is S1 support that is 0% Fibonacci applied to a breakout of the ascending channel. Hard stop loss should be placed just above yesterday's high of 128.62.