CHF/JPY 4H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY movements have been limited by the symmetrical triangle trend-lines since June already, and the pair's location in the pattern suggests a break below the bottom trend-line should appear rather soon. Additional bearish pressures are put by the channel down that dominates the overall trend on the weekly time-frame. Currently situated by the upper trend-line of the channel, after confirming the line to be of significance once more, the rate is likely to move out of the triangle to the downside at 103.80/104.00 and dive to the bottom trend of the channel around the 100 yen mark. Contrarily, the pair could tap the upper trend-line at 105.97 once more, reassuring its significance with an immediate plunge towards the channel bottom trend-line. Aggregate technical indicators do, in fact, suggest that this might be the case.
© Dukascopy Bank SA
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