CHF/JPY 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The upper boundary of an ascending triangle pattern was blocking numerous upswings of CHF/JPY during circa 133 hours. Being unable to surpass this formidable resistance at 114.25, the currency couple chose another way out of the formation – it dived under the lower limit of the triangle and now it trading slightly below the 50-hour SMA at 114.04.
Although the breakout has happened, we see a moderate bullishness on the SWFX – almost 58% of all orders are placed to buy the pair, suggesting that the likelihood of an accelerating depreciation that usually follows a bearish exit is not so high.
© Dukascopy Bank SA
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