CHF/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rally from 120.00 was able to develop due to the absence of any significant resistances. However, right now CHF/JPY is approaching an important obstacle at 126.00, which will test the strength of the present bullish momentum. If this level is broken, the gains could be extended up to the 127.50-128.00 region.
At the same time, validity of a bullish scenario depends on intactness of the support trend-line at 124.00. If the latter level is violated, the nearest targets will be the weekly PP at 122.50 and the 200-hour SMA near 122.00. As for the long/short ratio, 70% of the SWFX market participants are currently bearish towards the Swiss Franc.
© Dukascopy Bank SA
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