The Swiss Franc has appreciated significantly against the Japanese Yen since the beginning of May. The surge began after the exchange rate hit the weekly support level at 108.64.
However, during the past few weeks, the currency pair has formed a new junior descending pattern which is driving the pair lower as can be observed on the chart. At the time of this analysis, the rate stranded between SMAs.
Everything being equal, the CHF/JPY currency exchange rate is likely to maintain the newly formed junior descending channel during the following week until it reaches the lower boundary of a secondary pattern.
