CHF/JPY TECHNICAL ANALYSIS
CHF/JPY has shown a tendency for sideways trading before breaking out and then consolidating again. This could be happening at present with the new trading range potentially being 123.593 – 127.078.
These trading blocks have been shifting higher over the last 6 months as it remains within the longer-term ascending trend channel.
The price is between the 34 and 55-day SMA, which may re-iterate this sideways pattern for now. A break either side of the trading range might see momentum pick-up in that direction.
The long term 100 and 200-day SMA lie below the price with a positive gradient. This may indicate that there is underlying bullish momentum intact.
Support could be at previous lows and pivot points of 124.186, 123.593, 122.670, 122.437, 122.140, 121.211, 118.938 and 117.545.
On the topside, the recent highs of 125.67 and 127.078 are possible resistance levels.
CHF/JPY has shown a tendency for sideways trading before breaking out and then consolidating again. This could be happening at present with the new trading range potentially being 123.593 – 127.078.
These trading blocks have been shifting higher over the last 6 months as it remains within the longer-term ascending trend channel.
The price is between the 34 and 55-day SMA, which may re-iterate this sideways pattern for now. A break either side of the trading range might see momentum pick-up in that direction.
The long term 100 and 200-day SMA lie below the price with a positive gradient. This may indicate that there is underlying bullish momentum intact.
Support could be at previous lows and pivot points of 124.186, 123.593, 122.670, 122.437, 122.140, 121.211, 118.938 and 117.545.
On the topside, the recent highs of 125.67 and 127.078 are possible resistance levels.
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