The Swiss Franc has been depreciating against the Japanese Yen in a narrow descending channel since the middle of September. This gradual decline in price began when the currency pair reversed from the upper boundary of a long-term ascending channel at 117.96 on September 24.
The exchange rate breached the upper boundary of the narrow descending channel at 112.61 during the first part of Wednesday’s trading session. The common situation would be a surge towards the monthly pivot point at 113.80.
However, technical indicators suggest that this scenario might not be immediate, as the currency exchange rate could face a resistance cluster formed by the 100-hour simple moving average and the weekly R1 at 113.26.
