CHF/JPY Price Analysis: Bulls about to charge from a confluence of supports?

Ross J Burland FXStreet

CHF/JPY bears are committing to their grounds, although bulls are not backing down yet.

The price is priming for another bullish surge from daily support.

CHF/JPY is showing sins of exhaustion on the longer-term time frames and choppiness on the lower-time frames.

The following is a top-down analysis that shows the price trapped between support and resistances on a fractal basis working the way down from a monthly to an hourly perspective.

Monthly chart

Trapped between support and resistance.

Weekly chart

Supported at the 50% mean reversion.

Daily chart

W-formation could give the bulls the upper hand from a confluence of support.

4-hour chart

Bulls need to break resistance.

1-hour chart

Bulls are in control, albeit within a chop and range. A break of the resistance could be the catalyst for a higher time frame's northerly trajectory to penetrate deeper into resistance.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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