By: Dima Chernovolov
CHF/JPY continues to fall inside the daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the sharp Initial Trend (10 bars), average Uniformity (5 bars) and higher Clarity (6 bars). CHF/JPY is expected to fall further inside this chart pattern – in line with the earlier downward reversal from the powerful resistance zone shown below.
As can be seen from the weekly CHF/JPY chart below, the top of this Up Channel formed near the powerful resistance area lying between the long-term resistance level 112.80 (former multi-month support from 2017), upper weekly Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from January. The proximity of this resistance zone increases the probability CHF/JPY will continue to fall inside this Up Channel.
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