CHF/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY has entered a correctional phase recently, following the Oct-Nov rally to 124.50. Right now the pair is trading at the 23.8% retracement of the latest up-move. But considering the bearishness of the technical indicators and toughness of the resistance at 122.40 (weekly R1, 200-period SMA, Dec 16 high and down-trend), the sell-off is expected to persist. A potential turning point is assumed to lie somewhere between 119.50 and 119, where the lower down-trend coincides with the 38.2% Fibonacci retracement. Meanwhile, the sentiment of the SWFX market is explicitly bearish—as many as 72% of open positions are short.
© Dukascopy Bank SA
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