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CHF/JPY in Bearish Continuation Breakout

The CHF/JPY rallied from about 122 to about 125.25 a couple of weeks ago into last week, but then started to retreat at the end of last week. This week, the market broke a rising speedline, pulled back up but was rejected around 124.50. Therefore, we have a broken consolidation with initiation of lower highs and lower lows. 

CHF/JPY 4H Chart 9/22

(click to enlarge)

Being that CHF/JPY has just been in a consolidation, I would say there is still some upside risk back towards 124.50. But there should be more downside risk because of the prevailing trend in this time-frame (4H). The 122.00 handle would be a short-term target, with further risk towards the next support pivot around the 120.00 psychological level.

As we start to shift into this bearish continuation scenario, we should anticipate resistance to start coming down to the 124 and the 123.50 support/resistance pivots. Eventually, the current pivot just above 123.00 could start providing support if the market is indeed still bearish in the short to medium-term.

CHF/JPY Daily Chart 9/22
(click to enlarge)