CHF/JPY Price Analysis: Bulls looking for break of 117 level
|- 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
Weekly chart
Daily chart
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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