CHF/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
An advance started at this year's low of 111.24 hit in the middle of October helped CHF/JPY to form a bullish channel that now is 90-bar long.
However, just recently the pair has reached the highest level this year at 119.21, meaning that the Swissy needed less than a month to set both the highest and the lowest level this year. This significant rally has led to technical indicators pointing sideways, as they are very much mixed for now. At the same time, the SWFX market participants' see the currency pair as overbought already, as 70.82% of them have opened a short positions. A dip below the daily, weekly and monthly R1 could lead to sell-off towards the 117 level.
© Dukascopy Bank SA
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