CHF/JPY 1H Chart: Channel Up

Right now CHF/JPY is recovering after a plunge seen earlier this month, from 115 down to 113. Considering the pair is currently fluctuating between two parallel trend-lines and it has recently gained a foothold above the 200-hour SMA, the Franc is likely to negate the recent losses eventually. However, judging by the indicators, the pair's prospects are not as bright and it may initially seem—the ‘sell' signals dominate on all of the most relevant time-frames. Still, given the current context, a breach of the resistance at 114.27 and a subsequent test of the upper trend-line at 114.51 appears to be a more likely course of events than a dip beneath a cluster of supports at 113.65.