Like the NZD/JPY hourly chart from yesterday, the CHF/JPY hourly chart shows the market sitting just above the lows.
I usually only refer to the hourly charts when the 4-hour chart does not show any quality trading opportunities, but I am always a little careful about these setups. I prefer to see a new low before selling or a new high before buying. For those that are more aggressive, the trendline test is as aggressive as it gets. Traders who sell right at resistance in a downtrend may not have as high a win percentage as those who wait for the breakout, but their edge is an excellent entry price. That entry price gives them the ability to profit even if the market does not break down to new lows.