The Swiss Franc has begun to depreciate against the Japanese Yen after the currency pair tested the upper boundary of a dominant ascending channel on May 22.
After testing a resistance cluster formed by the combination of the 100– and 200– hour SMAs and the weekly pivot point at 110.79 on May 27, the exchange rate continues it bearish movement.
Given that a breakout has occurred through the lower boundary of the dominant ascending channel, the CHF/JPY currency exchange rate could be set for a long-term decline. In addition, the overall market sentiment is bearish.
