- 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
-637581036443335484.png)
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
-637581041585158497.png)
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.
Share
