CHF/JPY breaks pattern and jumps

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On March 21, the resistance line of the channel up pattern, which had guided the CHF/JPY rate since the middle of 2019, was broken. The event resulted in a sharp surge from 128.00 to 132.70. Meanwhile, it was spotted that round exchange rate levels were acting as both support and resistance.

If the Swiss Franc continues to gain against the Japanese Yen, the rate might encounter resistance in various round levels, until the pair reaches the 134.50 mark. This level is the highest that the pair has been since the Swiss Franc's value was unpegged from the Euro.

However, a retracement downwards might look for support in at 131.00, 130.00, 129.00 and 128.00, before the January high level is reached at 127.00.
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