Сross-rate signals: CHF/JPY remains in a downtrend

Cross-rate CHF/JPY for the third consecutive week moves in the established downtrend, the upper limit of which is located at around 111.50. From this level, it is worth considering transactions for sale with the resumption of a downtrend. Factor indicating a further decline in the pair is the formation of the reversal figure “head and shoulders”.

Closure of the day above level 111.50-60 will cancel expectations for a decline. With the resumption of the decline in the pair CHF/JPY, one should expect a test of support levels: 110.80 and 11060-50.

Fig. CHF/JPY. The current price is 111.30.

Hanzenko Anton