- CHF/JPY is on the verge of a bullish continuation.
- Monthly, weekly and daily charts align for upside extension.
CHF/JPY is in a bullish environment on the lower time frames which coincide with a confluence of market structure from a longer-term perspective.
The following is a top-down analysis that illustrates the sangam of the market across the longer-term time frames.
Monthly chart
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Weekly chart
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Daily chart
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As illustrated across the monthly, weekly and daily charts, the price is in the throes of an upside extension of the broader bullish trend.
Zooming down to the daily chart, a target of 117.50 has been established in the use of a -0.272% Fibonacci retracement of the daily correction from bottom to top.
If the price were to extend much higher from here, then an additional layer of conviction will be drawn from a reverse head and shoulders which is a bullish chart pattern.
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