CHF/JPY 1H Chart: Channel Up

If we take into account only the last 150-160 bars, there are almost no arguments against the continuation of the up-move: the rising support line remains intact; technical indicators on a four-hour chart are largely bullish and the exchange rate is currently trading at levels above the long-term moving average. On the other hand, the currency pair is a few pips away from the all-time highs, or, in other words, from a formidable resistance level that is unlikely to let the Swiss Franc to carry on appreciating with respect to the Japanese Yen, a scenario that is supported by the SWFX traders, 75% of whom are holding short positions at the moment.