CHF/JPY Reversal brewing?Swiss Franc / Japanese YenFOREXCOM:CHFJPYFOREXcomIs the high-flying CHF/JPY cross about to hit an air pocket? Having printed a bearish engulfing candle on Wednesday, and with bearish divergence between RSI (14) and price while still in overbought territory, the risk of a pullback appears to be growing. MACD is also curling over towards the signal line, hinting that bullish momentum is waning. Should the price break and hold beneath 184.50, shorts could be established with a tight stop above the level for protection. 183.39 screens as an initial target, coinciding with the low struck on July 11. If it gives way, it could open the door to a deeper unwind towards 181.85, a level that acted as both support and resistance in recent months. If the price resumes its uptrend and takes out the current record high above 186.00, it would invalidate the near-term bearish bias. Good luck! DS