CHF/JPY Price Analysis: Bulls eye 120.50 resistance

CHF/JPY bulls could be looking to step in at a confluence of support.
Bulls will look to target the channel resistance near 120.50.

Ross J Burland FXStreet

CHF/JPY is in the process of a correction that could see the price ripen for an onward upside continuation.

The following illustrates the bullish bias towards the daily channel highs:

Daily chart

Hourly chart

As seen, the hourly price action is moving in on the 38.2% Fibonacci confluence with the market structure on the daily chart as well as the 21-hour EMA.

This area would be expected to hold and result in an upside continuation to the test of the bearish commitments at the channel resistance near 120.50.

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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