CHF/JPY 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 422-bar long ascending triangle pattern originated at a five-year high of 119.20 reached late December. However, now CHF/JPY is on the brink of an accelerating depreciation that usually follows a bearish breakout.
On April 21, CHF/JPY penetrated the lower limit of the triangle and since then had been sitting below this level. However, the 50-bar SMA meandering at 115.95 is containing selling pressure thus not allowing the pair to descend further. Interestingly, almost 60% of traders are still bullish on the pair, raising doubts whether the pair is incapable of coming back to the pattern and questioning whether the breakout was real.
© Dukascopy Bank SA
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