The Swiss Franc has been steered by a descending channel against the Japanese Yen. The rate bounced off the upper boundary of a junior pattern and has since remained bearish.
The currency pair has breached both the weekly pivot point and the 55– hour simple moving average also where the upper border of the descending channel is located.
Given that a breakout has occurred, it is likely that the CHF/JPY exchange rate should establish a new wave up during the following trading session. However, it is important to note that technical indicators suggest otherwise.
