CHF/JPY 4H Chart: Trading within range - Trade Pattern Ideas - Dukascopy Bank
Fri, 16 Aug 2019 05:47:22 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Buy
Neutral
Neutral
Alligator(13;8;5)
Neutral
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇒
⇘
⇘
The CHF/JPY exchange rate has been trading between the 109.74/108.00 range since the beginning of August. The Swiss Franc depreciated about 1.53% in value against the Yen during last week's trading sessions.
As apparent on the 4(H) chart, the currency pair has already reversed south from a resistance level set by the monthly pivot point at 109.74. From a theoretical point of view, the rate should continue moving south until it reaches the support level formed by the monthly S2 at 108.00.
Moreover, technical indicators demonstrate that the currency exchange rate will continue its decline in the shorter term.
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