CHF/JPY 4H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY is likely to be highly volatile soon, as the pattern is approaching the apex point, while just recently bears made an attempt to penetrate the support line. Despite the move back into pattern's boundaries, technicals on the 4H chart are sending ‘sell' signals, pointing at pair's further depreciation. In a longer-term, the pair is likely to move sideways, as indicators on a daily and weekly charts are neutral. The short-term outlook is bearish, as together with technicals, 71% of traders are holding short positions on the pair. The key level for short traders is located at a recent low and a weekly S1 at 115.12. Without any substantial bearish bias, the pair will bounce back.
© Dukascopy Bank SA
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