CHF/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 137 hours CHF/JPY has been moving in channel up pattern's boundaries, however, just couple of hours ago bulls tried to penetrate the upper trend line, and at the moment of writing the pair was changing hands just 11 pips below it. In case the bar will close above pattern's resistance, bulls will receive a strong "buy" signals. Nevertheless, we would rather interpret this move as a "sell" signal, as techincals are either neutral or bearish, while 74% of all opened positions are short, suggesting the pair will continue moving in pattern's boundaries for some time.
© Dukascopy Bank SA
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