CHF/JPY 4H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Two days ago we have already discussed the CHF/JPY currency pair, when the cross formed a double bottom pattern. Now, it seems that the pair is intending to grow in price, meaning we are already dealing with the rectangle pattern. The bullish development of the Swiss Franc against the Japanese yen is shared by short and medium-term technical studies. Next week, the pair may encounter a strong resistance in face of the monthly R1 at 130.25. However, a confirmation of this mark will give the pair impetus to surge up to the pattern's resistance at 131.36. In the meantime, the majority (58%) of SWFX market participants still prefer to go short on the Franc, a slight change from 59% two days ago.
© Dukascopy Bank SA
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