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.
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.