The price movement since March has taken the form of an inverse shoulder-head-shoulder pattern. It is not uncommon for a SKS to have the shape of a wedge and vice versa. The result of an upward breakout is the same. So it does not matter what you call it, it's just a pun.
The measured movement target, based on the depth of the pattern (s), indicates movement close to 116.00 JPY. There is a trend line down from the 2015 high. Since this is a true level and not one based on pattern symmetry, we consider it the first major resistance line to watch, and thus the initial target.
At the moment, the currency pair CHF / JPY is wrestling with last year's resistance (and the 200 days). Beyond that, however, there are no clear price levels that would prevent the CHF / JPY currency pair from trading towards the target. A failure and a return back to the pattern and ultimately below the trend line from the April low would be a complete disempowerment and would open up the possibility of a short trade
The measured movement target, based on the depth of the pattern (s), indicates movement close to 116.00 JPY. There is a trend line down from the 2015 high. Since this is a true level and not one based on pattern symmetry, we consider it the first major resistance line to watch, and thus the initial target.
At the moment, the currency pair CHF / JPY is wrestling with last year's resistance (and the 200 days). Beyond that, however, there are no clear price levels that would prevent the CHF / JPY currency pair from trading towards the target. A failure and a return back to the pattern and ultimately below the trend line from the April low would be a complete disempowerment and would open up the possibility of a short trade