The CHF/JPY has been bearish since June falling from highs around 136.20. We saw the latest swing in August coming down from a high of 129 down to about 122 last week. Then the decline stalled.CHF/JPY 4H Chart 9/9(click to enlarge)After some choppy sideways action, CHF/JPY rallied to 124.00 during the 9/9 session. This completes a price bottom and broke a falling trendline from August. This is a very short-term bullish signal, within the context of a medium-term bearish mode. The first level to monitor for resistance is 125.00, with a slightly more aggressive outlook towards the 126.00 pivot. Also if there is a pullback, the 123.00 pivot should provide support if the price bottom is indeed one. A break below 122.50 would signal a return of control to the bears.