CHF/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Because of the support near 113, CHF/JPY did not extend the May sell-off and was able to stabilise near it. Subsequently, the currency pair started to recover, and later on the rally developed into a bullish channel.  And while the pattern itself implies a rebound in the nearest future, as the exchange rate has just touched the lower boundary of the channel, neither the SWFX sentiment, nor the technical indicators are supportive of such a scenario. In the first case the sentiment is strongly bearish—72% of open positions are short. In the second—four-hour and daily studies are mixed and the weekly ones suggest depreciation of the Swiss Franc against the Japanese Yen.
© Dukascopy Bank SA
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