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  • CHF/JPY is in the hands of the bulls that are seeking a continuation to the upside.  
  • A fresh daily bullish surge to the upside could be in the making.  

CHF/JPY has corrected to test the 61.8% Fibonacci retracement level of the daily bullish impulse and is consolidating ahead of what could be a continuation to the upside.  

Daily chart

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

The 4-hour chart shows that there is still some work for the bulls to do before the environment turns bullish with the price stuck below the immediate resistance of prior support.  

A close above the 21 EMA would also be encouraging.