CHF/JPY: Local Bearish Reversal?!

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We are observing a notable bearish reaction on a significant daily/intraday horizontal resistance level on CHFJPY.

Following a test of the highlighted blue area, the price started to consolidate, forming a horizontal range on a 4-hour timeframe.

The violation of this range's support level is an important signal of increased selling pressure.

Consequently, we anticipate a continued bearish trend, with a projected target of at least 189.66.