Forex

CHF/JPY 4H: Set For Breakout

The Swiss Franc has surged by 4.29% against the Japanese Yen since May 6. The currency pair tested the upper boundary of an ascending channel pattern at 113.31 on June 3.

Given that the CHF/JPY exchange rate is currently trading near the upper line of the ascending channel pattern, a breakout could occur during the following trading sessions.

However, if the ascending channel holds, bears are likely to pressure the currency exchange rate lower towards the weekly pivot point at 111.63 during next week’s trading sessions.

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