Sell CHF-JPY - Reversal ahead?

 It's been a pretty monstrous few weeks for CHFJPY with the pair climbing aggressively higher. This is hardly surprising given how we have seen both a significant strengthening of the CHF (for reasons which still baffle me slightly) and a rise in US yield... which has consequently led the JPY to sell-off. 

Looking at the daily chart above, the relentless rise is really put into perspective, and with the RSI now looking heavily overbought I think it's worth a short. 

SELL CHF-JPY: TP at 122.6, SL at 124.6. ENTRY: Current market (123.6). 

I know a lot of my readers don't like 1:1 Win/Loss but in this case I think it's worth it since a lot of factors are now pointing to the downside in my view. The 10y US yield has moved pretty rapidly and a further climb higher in the immediate term seems unlikely to me - if anything a pullback to the 1.50 mark might seem more likely in the very near-term. 

Then, we have the CHF, which as I have outlined numerous times is reaching points where the SNB is becoming increasingly unhappy with the strength of the currency - particularly against EUR. SNB interventions have been growing in the past months ( Chart below). 

So with my slightly bullish bias on JPY, and very bearish bias on CHF, it seems sensible to short CHFJPY overall. 

Happy Trading All.