CHF/JPY 1H Chart: Falling Wedge

However, instead of a bearish channel, there emerged a falling wedge pattern. Accordingly, there is an increasing probability of a reversal occurring in the nearest future. For this to take place, however, CHF/JPY will have to break a tough resistance area at 116.29. Then it will have a chance to challenge another potential ceiling at 116.61, represented by the weekly pivot point and the 200-hour SMA. Meanwhile, neither the near-term indicators, nor the traders in the SWFX marketplace (72% of open positions are short) support a bullish outlook.