CHF/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting the high of 119.18 on December 27 the CHF/JPY currency pair began depreciating and hit this year's low on February 4 at 111.69. At the moment of writing the pair was changing hands at 112.60, just 91 pips above the above-mentioned level. A vast majority of trader (75%) are holding short positions on the pair, while technical indicators on a 4H and daily chart are sending ‘sell' signals, meaning the pair will continue depreciating, hence, a retest of this year's low can be expected. As the scenario is bearish, the first target for short traders is located around recent low at 112.25, while the key support can be found at 111.78, represented by weekly S2 and pattern's lower boundary.
© Dukascopy Bank SA
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