Dukascopy Bank Team
Dukascopy Bank SA
CHF/JPY 4H Chart: Meets resistance cluster
Following a reversal from a dominant descending channel on May 8, the Swiss Franc triggered a new movement in an ascending pattern against the Japanese Yen.
The currency pair has breached both the 55-, 100-, and the 200– hour SMAs during this period. Also, a breakout had occurred through the upper boundary of the dominant descending channel. However, a combined resistance set by the weekly and the monthly PPs near the 110.95 mark was restricting the exchange rate from making further gains at the time of this analysis.
In regards to the following trading sessions, the CHF/JPY currency exchange rate could still move past the aforementioned strong resistance cluster, as it is supported by the 200– hour simple moving average at 110.55.
CAD/JPY 4H Chart: Bulls Likely to grow stronger
The Canadian Dollar has been appreciating against the Japanese Yen after the pair reverse from the lower boundary of a dominant ascending channel May 8. The pair has since reached a three-month high.
The currency pair has tested a strong resistance set by the combination of the weekly and the monthly PPs near 86.78. Meanwhile, the rate was stranded between pivot points at the time of this analysis.
As for near future, the CAD/JPY currency exchange rate is likely to move past the aforementioned PPs. In addition, technical indicators favour bulls to grow stronger during the following trading sessions.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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