Quotations of CHF/JPY indicate that strong declines have been going on for 8 days. Although the last sessions end with longer lower shadows, which indicates a certain slowdown in supply, it is difficult to talk about a buy signal. However, it is worth looking from a wider point of view. The daily chart shows that the price is right next to the 17-month, perfectly-respected upward trend line. Even if the trend comes to an end, it seems that with such a well-respected line and after a long period of declines, there should be at least some rebound. In short time I would expect a reflection. However, if the trend line is broken, the price will probably be guided to also perfectly respected support in the region of 112.80.
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