CHF/JPY Price Analysis: Bulls take on the monthly supply area
|- CHF/JPY bulls seeking upside extension of monthly price action.
- Daily support guards a healthy weekly Fibonacci retracement.
CHF/JPY is in the process of taking on a monthly supply zone with prospects of a break of monthly resistances.
The following is a top-down analysis that illustrates where the next swing-trading opportunity could arise.
Monthly chart
The price has made the start of what could be the extension to break monthly resistance.
Weekly chart
There are a couple of upside targets being the monthly and presumed weekly correction ranges and their -0.272% Fibonacci retracements.
Daily chart
The daily chart shows that the price is bullish above daily support and can be expected to extend higher while above here.
However, a break of support will play into the hands of those prudently waiting for an expected correction of the weekly extended W-formation to the nose which meets a 38.2% Fibo.
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