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.
