CHF/JPY aims at 123.50

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Source: Dukascopy Bank SA


The CHF/JPY currency exchange rate recently passed below the 124.00 level. In addition, the support of the 50-four hour period simple moving average was passed and the technical levels started to provide resistance at 124.50.

In the near term future, the rate was highly likely going to look for support in the 123.50 level, which kept the rate up during late October. A passing of the support of the 123.50 mark could result in a decline to the 121.94/122.35 and the 200-hour simple moving average near 122.30.

On the other hand, a recovery of the pair would most likely face the resistance of the 50-four hour period SMA and the 124.50 mark. Above the 124.50 mark, the rate could find resistance at 125.50.
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