CHF/JPY Price Analysis: Bulls in the driving seat, target higher daily high
- CHF/JPY bulls still intact and go for a restest of a bullish continuation.
- Bulls are supported by the bullish 21 EMA on the 4-hour charts.
Further to the prior analysis, CHF/JPY Price Analysis: Bulls testing the bearish commitments and eye a break of the 4-hour 21 EMA, the price action has been constructively bullish as forecasted.
Prior analysis, daily and 4-hour charts
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''The bulls are taking on the bearish commitments at this juncture and the price action can be viewed from a 4-hour vantage point as follows:''
4-hour chart
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Live market, 4-hour chart
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The price attempted the upside, as illustrated in the above prior's analysis and forecast.
However, following a significant impulse, from which traders should have enjoyed as a breakeven scenario if applying a trailing stop loss, the price fell to test bullish commitments.
Indeed, the bulls have committed at a discount and continue to target the daily continuation and fresh highs.
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.
