CHF/JPY Price Analysis: Bulls seek a break of 122.21 guarding higher daily highs

• CJHF/JPY bulls maintain bullish form above dynamic 4-hour support.
• 122.00 is critical with the confluence of the 4-hour 21 EMA, eyeing prior resistance at 122.21.

As per the prior analysis,  CHF/JPY Price Analysis: Bulls in the driving seat, target higher daily high, and ,CHF/JPY Price Analysis: Bulls testing the bearish commitments and eye a break of the 4-hour 21 EMA, the price action has choppy but remains constructively bullish as forecasted.  

Prior analysis, daily & 4-hour charts

”The bulls are taking on the bearish commitments at this juncture and the price action can be viewed from a 4-hour vantage point as follows:”

4-hour chart

Prior progress in  4-hour chart

”The price attempted the upside, as illustrated in the above prior’s analysis and  forecast.

However, following a significant impulse, from which traders should  have enjoyed as a  breakeven scenario if applying  a trailing stop loss, the price fell to test bullish commitments.  

Indeed, the bulls have committed at a discount and continue to target the daily continuation and fresh highs.”

Live market progress

The price has been agonisingly close to breaking below the dynamic support in what could have been the last run for liquidity before the next run to the upside for the sessions ahead.  

At this juncture,e the price has recovered back into bullish territory and above the 21 EMA .

Bulls will be looking for a test of prior resistance and for 122.00 to hold as support.