CHF/JPY 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY continued to move away from the ten-month highs of 115.22 which it had tested for several times and failed, but seems to be having trouble to slip below 112.23 where it has sketched a double bottom on the hourly chart. The significance of the area is boosted by the fact that the area has been tested before on the daily chart and could therefore lead to a large-scale rectangle formation. Even though the pair has just failed at the neckline of the double bottom, we expect it to eventually beat the resistance and extend a rally above 112.72. The bounce from the hourly resistance/neckline could be part of a small-scale channel up which could lead to a break above the pattern over the next few hours already.
© Dukascopy Bank SA
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