© Dukascopy Bank SA
On April 21, CHF/JPY penetrated the lower limit of the triangle and since then had been sitting below this level. However, the 50-bar SMA meandering at 115.95 is containing selling pressure thus not allowing the pair to descend further. Interestingly, almost 60% of traders are still bullish on the pair, raising doubts whether the pair is incapable of coming back to the pattern and questioning whether the breakout was real.
© Dukascopy Bank SA