CHF/JPY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 134-bar long rising wedge pattern was formed by CHF/JPY. Currently, the trading range is narrowing rapidly, and the pair now moves in a 50 pips range. The fact, that aggregate technical indicators on 1H and 4H charts are sending "buy" signals, is adding to signs that soon a penetration of the upper trend line will occur, making the pair attractive for trade. In case of an upside breakout, further appreciation of the Swiss Franc against the Japanese Yen is expected. However, a recent false breakout of the support line, is suggesting the pair may move in pattern's boundaries for some time.
© Dukascopy Bank SA
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