Chf/jpy

CHF/JPY intraday: the RSI is oversold
Our pivot point is at 108.26.
Comment:
the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 108.34 and 108.43). Finally, the CHF/JPY is trading below its lower Bollinger band (standing at 108.01).
Alternative scenario:
above 108.26, look for 108.57 and 108.76.
Our preference:
the downside prevails as long as 108.26 is resistance.