CHF/JPY 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY will be highly volatile soon, as both trend lines will converge on Friday, January 17. At the moment of writing the pair was changing hands at 115.18, level represented by pattern's support and 200-hour SMA. It is unlikely that this level will be breached, and the pair is expected to bounce back and head towards pattern's upper boundary. This idea is supported by technical indicators on a hourly and 4H charts. In a longer term, however, aggregate indicators are pointing at pair's depreciation. At the same time, traders are betting on a downside breakout, as almost 74% of them are holding short positions. Nevertheless, a move to pattern's resistance can be expected.
© Dukascopy Bank SA
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