The Swiss Franc has been trading in a narrow descending channel against the Japanese Yen. This decline began after the currency pair hit a resistance level formed by the weekly R1 at 117.96.
The exchange rate was trading near a support line set by the weekly S1 at 112.44 during the morning hours of Friday’s trading session.
If the support level holds, the currency exchange rate could aim at the 50-hour simple moving average at 113.40 within this session.
On the other hand, if the CHF/JPY pair passes the support line as mentioned above, the next target will be at a cluster near the 111.77 regions during the following trading sessions.
