CHF/JPY Price Analysis: Bulls seeking upside extension from key support
|- CHF/JPY is in the throes of correcting the overextended W-formation's bullish impulse.
- Bulls will seek to protect the upside and target the weekly objective.
As per the prior analysis, CHF/JPY Price Analysis: Bulls look ahead to weekly structural target, the market has gone according to the game plan and the following illustrates what could be in store for the cross next.
For a recap, the daily target was located at 117.50 and was reached.
Meanwhile, the weekly objective is still in play in 118.25.
We have a daily W-formation from which a correction to at least the 38.2% or a 50% mean reversion that meets the neckline of the W pattern would be expected to act as a firm support.
The cross would then be expected to run higher towards the 118.25 objectives.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.