FX.co ★ Technical analysis of CHF/JPY for December 8, 2015

The CHF/JPY pair might reach new highs.

Having formed a top at 123.82, CHF/JPY has been consolidating for the past 5 days with the low at 122.66. the price has remained within the triangle until today.

Today, the price has managed to break above the triangle and, prior to that, bounced off the ascending trend line. It could be the signal for the potential continuation of an uptrend.

Consider buying CHF/JPY while the price is near the 123.40 support 1 level, targeting R2 (124.14) which is a Fibonacci-based strong resistance level.

Support: 123.40, 123.13

Resistance: 123.67, 124.14