CHF/JPY 30M Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
CHF/JPY is well-positioned to advance further north from the current trading levels. In addition to the ubiquitously bullish technical indicators, the currency pair has formed an ascending triangle, a pattern that foreshadows a rally. If resistance at 106.50 is broken, we will expect a rally of about 180 pips (height of the triangle), which means that the target is going to be the weekly R3 at 108.30. In the meantime, the dips are to be limited by the support trend-line at 106 yen. The imbalance between the buyers and sellers has decreased importance for such a low time frame, but even the distribution between the bulls (42%) and bears (58%) favours appreciation of the Swiss Franc against the Yen.
© Dukascopy Bank SA
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