CHF/JPY has experienced a sharp bearish breakdown from a prolonged consolidation range, driving price into a major daily demand zone around 194.00–195.00. The aggressive sell-off appears overextended, increasing the probability of a short-term recovery before the broader trend resumes.

Technical Outlook
Price broke decisively below the highlighted consolidation range near 200.00–201.00, confirming strong bearish momentum.
The decline has reached a key daily demand/support zone, where buyers are beginning to respond.
The long lower wick on the latest candle signals buying interest and suggests sellers may be losing momentum in the short term.
The Ichimoku Cloud remains bearish, indicating that any recovery is likely to be corrective unless price reclaims the cloud.
Bullish Recovery Scenario

If buyers defend the current support zone, CHF/JPY could stage a corrective rebound toward:

Target 1: 196.90 (first resistance)
Target 2: 198.40 (major resistance)
Target 3: 200.80–201.00 (previous consolidation and Ichimoku resistance)

A move above 198.40 would strengthen the recovery outlook and open the door for a larger retracement.

Bearish Continuation

If price fails to hold above 194.00, sellers could regain control, exposing:

193.00
192.00 (next major daily support)
Trading Plan
Bias: Short-term Bullish Recovery
Entry: On bullish confirmation above the recent rebound candle or a successful retest of 194.50–195.00
Stop Loss: Below 193.80
Take Profit: 196.90 → 198.40 → 200.8