The Swiss Franc has been moving in several patterns against the Japanese Yen since the beginning of this year. The currency pair is currently trading in a falling wedge-like formation.
After hitting the upper boundary of a dominant channel on June 13, the CHF/JPY exchange rate began a new wave down. As a result, the price has declined 176-pips or 1.57 percent. At the time of this analysis, the pair has encountered a support cluster set by the 200-hour simple moving average and the weekly pivot point near the 110.40 mark.
Technical indicators flash bearish signals for the next couple of hours, therefore, bears might grow stronger during the following hours.
