CHF/JPY 4H Chart: Possible breakout from triangle

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The Swiss Franc has been trading in an ascending channel against the Japanese Yen after hitting the lower boundary of a dominant channel on January 10. However, the rally was stopped by the monthly pivot point at 118.64.  

After reaching the monthly high at 118.64, the currency pair has been trading in a channel down. 

The dominance of bears over the currency exchange rate is likely to end near support cluster located at 114.58. If this area is to hold, the pair could reserve for a test the upper boundary of the junior pattern.

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