CHF/JPY 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although a stab to a four-month high of 119.20 seems to have exhausted CHF/JPY potential, the pair managed to withstand the downside pressure and even shaped a bullish formation-ascending triangle pattern.
Now the pair is trading at the lower boundary of the pattern as 50-and 200-bar SMAs at 115.92 and 116.18 have been pressing the pair to this mark since the very beginning of April. Technical signals suggest the pair may retreat further in the short-term that may even lead to a breakout considering the current location of the pair; however, in the technical data does not point to a sell-off in the longer time frame.
© Dukascopy Bank SA
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