Contributors Technical Analysis CHF/JPY 4H Chart: Pair Shows Weakness

CHF/JPY 4H Chart: Pair Shows Weakness

The Swiss Franc has appreciated significantly against the Japanese Yen since the beginning of May. The currency pair reversed from it lower boundary of an ascending channel pattern on May 8 and has since gained 4.27% of its value and also reached a four-month high level.

However, after reaching the upper border of a dominant descending channel, the exchange rate began to decline. This could be considered as a temporary retracement down.

Given that the three SMAs are located above the price, it is likely that the Swiss Franc could continue to fall during the following trading sessions.

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