CHF/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite a clear bearish trend on CHF/JPY, a level of 113 has been limiting pair's depreciation for two months. Nevertheless, on July 17 bears finally penetrated the key level and at the moment of writing the pair was changing hands at 112.41, bouncing back from the lower trend line, weekly S1 and daily S1. As usual, a move towards pattern's support line is interpreted as a ‘buy' signal, however, keeping in mind bearish signals from technical indicators on three different timeframes, we can prepare for another move to the south. After breaching recent low, the pair will be able to head towards weekly S2 at 111.78, which is 60 lower from the current market price.
© Dukascopy Bank SA
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