CHF/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY tested 115.18 three times over the last two months and managed to at last abandon the area in a channel down pattern. The pair has, however, now exited the pattern to the downside and a small-scale retracement has been already completed. The rate has entered the cloud resistance and might gain some flatness inside of it while the multitude of surrounding levels would also steal some momentum. We would not look at levels above the ultimate resistance of 115.18, but note that immediate resistance rests at 112.20 and 112.23.
© Dukascopy Bank SA
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