CHF/JPY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The steep surge CHF/JPY extended on the hourly chart shows little sustainability due to the extreme nature of the slope as well as the diminishing highs that have led to a rising wedge formation. The pair is currently bound inside of a very tight range and is closer to the bottom trend-line than the upper one, meaning that the pattern might break immediately at 113.87, which would then induce a sharp downfall, possibly after a retracement. The first outside support lies at 113.83, the weekly R1, and would open the way to 113.65 in case of a successful break below.
© Dukascopy Bank SA
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