Ransquawk

After the previous significant strengthening of the Japanese yen, it is time to weaken this week. The recovery is also visible on the CHFJPY pair, which since the end of last week has struggled with support at 111.82. As can be seen in the 4-hour chart below, during the Wednesday session the pair rebounded from the downward trend line running from the high around 114.00 and again turned to support at 111.82. The inflow of buy offers led to another trend line test, which was finally successfully completed at the close of the last interval. Setting a new maximum of the current week gives a chance for further increases. The key target for increases now seems to be the resistance at the round level of 114.00. However, if the price returns under the trend line and/or support at 111.82, the bullish attitude in the short term will be questioned.

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Ransquawk