CHF/JPY 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss franc is gaining strength against the Japanese Yen in a rising wedge pattern, as the currency exchange rate is surging to another pattern's upper trend line. On a larger scale the currency pair is in a channel down pattern on the weekly timeframe. Moreover, the pair has just recently broken out of a triangle patter, and the resulting breakout has formed the rising wedge. The combination of these patterns indicates that the Franc will appreciate against the Yen to the level of 106.95 by the end of next week. At the moment, the pair is about to confirm the exact location of the rising wedge pattern's upper trend line, as 64% of open positions are long, which is close to being overbought.
© Dukascopy Bank SA
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