CHF/JPY 4H Chart: Double Bottom

Despite attempts to recover, CHF/JPY remains capped by the 200-period SMA from the north. Technical indicators on daily and weekly time frames suggest the Swiss currency will fail at this important resistance line. Moreover, the similar view is shared by the majority (66%) of market participants at the moment. Nonetheless, bulls may rely on some support from the monthly pivot point and 100/55-period SMAs at 123.64/34. In case the 200-period SMA is eventually violated, we can observe the value of the pair surging as high as the pattern's upper boundary at 125.32, which will be even more difficult to breach due to additional supply created by monthly R1 and weekly R3.