CHF/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Sep 6 CHF/JPY has been in a clear up-trend. The currency pair has been underpinned by the long-term moving average, which allowed it to form a channel up pattern on an hourly chart. However, at the moment the price is descending, since it needs to undergo a correction from a recently attained new high at 109.41 before another up-leg may be started.
Most likely the reversal point will be somewhere between the support levels at 108.12 (lower boundary of the rising corridor plus daily S1) and 107.80/69 (consists of the daily S2 and 200-hour SMA), although technical indicators are still mixed.
© Dukascopy Bank SA
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