CHF/JPY 1W Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For now there are few reasons to doubt current bearish momentum of CHF/JPY. The pair is trading in a well-defined descending channel, and a majority of indicators in daily and weekly timeframes are pointing south.

At the moment, the main argument against being short is a demand area circa psychological 100 yen. If this support is broken, however, the pair will likely aim for 83 yen next, where the November 2012 low merges with the uptrend line. Additional potential targets lie between 78.40 and 74.70 yen, where we have 2008, 2010 and 2012 lows. In the meantime, SWFX market sentiment is neutral, as 51% of positions are long and 49% are short.
© Dukascopy Bank SA
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