CHF/JPY TECHNICAL ANALYSIS
CHF/JPY has spent over a month in the 122.140 – 123.955 range as it moved sideways. These levels may provide support and resistance respectively.
Historically, this currency pairs has tendency to do this before a breakout creates a new trend. It should be noted though that past performance is not indicative of future results.
Like many other currency pairs of late, CHF/JPY price action has seen volatility reduce significantly going into the holiday season. This is shown by the 21-day SMA based Bollinger Bands reducing in width over the last couple of weeks.
As well as the the absolute levels of the recent range, these Bollinger Bands might be worth paying attention to for an indication of a potential breakout.
Resistance could be offered at the previous highs of 124.497 and 125.515. On the downside, support may lie at a pivot point of 121.211 or at the previous lows of 118.938 and 117.545.
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