The Swiss Franc appreciated by 2.31% in value against the Japanese Yen during last week’s trading sessions. The currency pair tested the monthly resistance level at 114.23 on February 20.
After the exchange rate tested the weekly R1 at 114.23, the pair made a downside reversal. Most likely, the CHF/JPY pair will continue to edge lower during the following trading sessions. A breakout through the lower boundary of an ascending channel pattern could occur.
On the other hand, an upside reversal could occur from the weekly S1 at 112.32 within the following trading sessions.
