CHF/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc failed to consolidate at a one-month high of 177.73 against the Japanese Yen in the very beginning of April. After that, CHF/JPY succumbed to a downside pressure and entered a steep bearish channel.
At the moment, the pair is on the brink of breaking out of the tunnel since it is sitting on the upper boundary of the 72-bar long pattern and may try to surpass this formidable resistance before long. The SWFX data indicates that the proportion of long positions is around 65%. However, technical signals point to a possible depreciation, sending ‘sell' signals for short and medium term.
© Dukascopy Bank SA
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