Dukascopy

CHFJPY 4H Chart: Possible breakout from triangle

FX:CHFJPY   Schweizer Franken/Japanischer Yen
The Swiss Franc             has been trading in an ascending channel against the Japanese Yen             after hitting the lower boundary of a dominant channel on January 10. However, the rally was stopped by the monthly pivot point at 118.64.
After reaching the monthly high at 118.64, the currency pair has been trading in a channel down.
The dominance of bears over the currency exchange rate is likely to end near support cluster located at 114.58. If this area is to hold, the pair could reserve for a test the upper boundary of the junior pattern.
See more at the Dukascopy Analytics page
https://www.dukascopy.com/swiss/english/marketwatch/market_news/Technical-Analysis/

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