CHF/JPY 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After being unable to rise for several hours, CHF/JPY eventually managed to swing to gains and now is moving towards the neck-line of the 103-bar long double bottom pattern. However, to reach the neck-line at 113.08, the pair has to overcome several hurdles, namely 112.80/9 (four-hour PP, R1; daily PP, 50-hour SMA), 112.92 (daily R1; four-hour R2) and 112.96/133.00 (daily R2, R3; four-hour R3). The SWFX sentiment indicates that not all market players believe the pair has enough strength to attain the pattern's resistance, in fact, 53% of them are more in favour of the idea that CHF/JPY will move to the south in the foreseeable future.
© Dukascopy Bank SA
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