CHF/JPY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc was rapidly appreciating versus the Japanese Yen during five trading days ended July 4 when the pair unexpectedly halted its winning streak and plunged below the lower limit of the 81-bar long rising wedge pattern it entered late June.
Now CHF/JPY is on the brink of a deepening sell-off as a bearish breakout from a trading pattern usually puts a heavy selling pressure on an instrument. If this materializes, the currency couple may dive beneath 114.27/1 (four-hour S1, S2; daily S1) that may open the way towards the next support zone at 114.14/05 (four-hour S3; 200-hour SMA; daily S2).
© Dukascopy Bank SA
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