CHF/JPY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY was led by a strong uptrend whole November, but recently lost volatility and added a downside boundary to build up some bearish potential. The pair tapped 110.07 twice to confirm growing potential for a reversal, and is currently testing the bottom trend-line of the wedge at 109.82. It appears that the pair will execute another wave north, and we expect it to be cut by the aforementioned double top level or the psychological 110.00 mark just below. Immediate resistance lies at 109.83/84 where the daily Pivot Point and 20-hour SMA clusters, while a break below the bottom trend-line of the wedge would shift the risk to 109.66 and then 109.56.
© Dukascopy Bank SA
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