CHF/JPY 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A symmetrical triangle was formed by CHF/JPY on a 4H chart. The pair has been trading in a narrowing range since December 27, however, during the last 41 bars the pair was trading around pattern's lower boundary. Despite bears determination to penetrate the support line, it is unlikely to happen and the pair will most likely, bounce back. While traders still believe in the another move towards the support line (market sentiment 71% bearish), a vast majority of technical indicators on a variety of different timeframes are sending ‘buy' signals. The pair has a potential to ease back to 115.87, however, a move above 116.43 will clear the way for 116.97 and then, pattern's resistance.
© Dukascopy Bank SA
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