CHF/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After it appeared that CHF/JPY has been forming a rising wedge on the four-hour chart, it managed to take the form of a channel and cast some optimism in the technical outlook. The pair has just completed its retracement of the channel bottom boundary and is now likely to extend the downtrend into areas below. The first such area that could put up a battle would be the 111.95, the Weekly Pivot Point and cloud resistance cluster, and after a slide through the cloud support 111.40 is likely to be tackled.
© Dukascopy Bank SA
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