CHF/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that the Franc/Yen cross is failing at the 55-hour SMA. Inability to violate this moving average should put at risk a recovery of the Swiss currency in the medium term. In case the pair returns back to the lower boundary of the pattern and eventually crosses this line, we will project the losses to be extended further, with only 123 (weekly S1) and 122 (weekly S2) offering the next reliable support. Bearish scenario is strongly shared by market participants as the number of bears (66%) significantly outpaces the share of bulls (34%). On the other hand, if bulls push CHF/JPY through the 124.50 mark, we will await 125.13 (weekly R1) and 125.54 (trend-line) to be in focus of the longs.
© Dukascopy Bank SA
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