As for the rationale, technical traders seem to be citing the appearance of trendline and triangle technical patterns.
It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe.
Or to simplify this another way, note that out of the past 10 days chf/jpy’s price has gone up 8 them.
Volatility for chf/jpy has been contracting over the past two weeks relative to volatility over the past month.
This imputes a buy/sell ratio of 0.39, which is bearish.