CHF/JPY 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The CHF/JPY cross reached the lowest level this year at 111.24 on 16th of October. However, from that point onwards the pair has managed to reverse at least some of the losses, meanwhile, forming a rising wedge pattern.
For most of the time the currency pair has been hovering around the upper trend-line of the pattern, indicating on its bullish desires. At the same time, a distinct majority of the technical indicators are mixed, while, the weekly ones are neutral. Nevertheless, the majority of the SWFX traders' disagree with the bullish scenario, as an overwhelming majority of them have opened short positions on the pair, namely 70% of them.
© Dukascopy Bank SA
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