CHF/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY pair has just approached the upper boundary of the bearish channel. Therefore, the next few hours are going to determine future development of Swiss franc versus Japanese yen. At the moment there are mixed signals on what is likely to happen. From one side, majority of market participants (74%) believe that the trend-line, which is reinforced by daily R2, will be strong enough to push the pair back to trade downwards. However, the major support is located just 30 pips lower from the spot at 121.80 (weekly PP; daily R1). As assumed by hourly technical indicators, this demand area will manage to provide sufficient bullish impetus for the pair in order to breach the trend-line. 
© Dukascopy Bank SA
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