CHF/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment CHF/JPY is fluctuating within a bearish channel and the pair is nearing the upper boundary around 113.21. With the shorter term technical indicators pointing upward the pair could approach the down-trend resistance. Although, the general question is whether the resistance will hold the pair in the pattern's boundaries. We expect the trend to continue, as an overwhelming majority (72.71%) of the traders are bearish on the pair. Therefore, after a brief climb above the major level at 113 the pair is likely to decline towards other major level at 112.

 

© Dukascopy Bank SA
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