The Swiss Franc has declined by 2.58% against the Japanese Yen since September 10. The currency pair tested the lower line of a descending channel pattern at 113.85 during yesterday’s trading session.
Currently, the exchange rate is trading near the bottom border of the descending channel pattern and could be set for a breakout.
If the breakout occurs, bearish traders could pressure the CHF/JPY pair towards the 112.00 level during the following trading sessions.
However, if the channel pattern holds, bulls could target the resistance cluster at 115.38 next week.
