CHF/JPY 30M Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rising wedge cast doubt on the sustainability of the four-day uptrend, suggesting momentum will be lost to dip beneath 104.96, the bottom trend-line of the wedge, strengthened by the bottom Bollinger Band just below. Demand will be sufficient to cause some stickiness inside of the region bound by 104.96 and 104.45, which could steal bearish potential during the battle. A slide would then be executed rather smoothly towards 104.03, shifting risk to 103.89 further on. A prospect of a downtrend is strengthened by a double top formation at 105.12, which could mean that a close below the neckline of the pattern would help CHF/JPY push through the cluster of supports.
© Dukascopy Bank SA
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