The Swiss Franc has been trading bearish against the Japanese Yen since the middle of January. The currency pair breached the 50-, 100– and 200– hour SMAs during these two weeks.
As for the near future, the CHF/JPY exchange rate could continue to trade bearish. A possible breakout through the lower boundary of an ascending channel pattern could occur during the following trading sessions.
However, a support cluster formed by the weekly S2 and the monthly pivot point at 111.53 could provide support for the currency exchange rate within next week’s trading sessions.
