Chf/jpy

CHF/JPY intraday: the RSI is oversold
Our pivot point is at 107.64.
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 107.42 and 107.55). Finally, the CHF/JPY is trading below its lower Bollinger band (standing at 107.25).
Alternative scenario:
above 107.64, look for 107.95 and 108.14.
Our preference:
the downside prevails as long as 107.64 is resistance.