CHF/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY is currently forming an upward channel as a part of its correction after the Oct 20-28 sell-off. Accordingly, the near-term outlook is bullish. The currency pair is expected to confirm support at 122.40/20 and then surpass the Nov 9 high at 123.40.
However, the overall trend is bearish, and most of the technical indicators are pointing sought, meaning we should not forget about a potential decline. If the price dips under the lower boundary of the pattern, the initial target will be the weekly S1 at 122, followed by a level of strong demand at 121.90. The sentiment among the SWFX market participants is only slightly negative: 57% of open positions are short.
© Dukascopy Bank SA
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