CHF/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that within the last 300 trading hours the latest major peak and valley are lower than the previous ones, there is a reason to believe CHF/JPY is forming a bearish channel. Right now the currency pair is moving away from the potential pattern's lower boundary as a part of a correction that in the end may lift the price up to 106.07, where the upper falling trend-line is currently stationed.
However, CHF/JPY seems to have difficulties at 105.25, the resistance created by the 200-hour SMA and the daily pivot point, this area may not allow the pair complete the emerging bullish leg.

© Dukascopy Bank SA
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