CHF/JPY 30M Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Led by a rising wedge turned channel up, CHF/JPY added some upside restriction which still requires some confirmation. The pair attempted a small-scale double top formation and got as far as breaking the neckline just before repeated tests of the upper trend-line of the channel at 106.08. While we do expect a slide towards the bottom trend-line of the channel at 105.37, the upper trend-line still fails to gain our trust, implying that resistances at 106.14/17 and 106.35 might be more attainable than it appears. A close above would likely result in a retracement from the immediate resistance noted before which could then send the pair skyrocketing.
© Dukascopy Bank SA
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