CHF/JPY Price Analysis: Bulls looking for break of 117 level

CHF/JPY is on the verge of a bullish continuation.
Monthly, weekly and daily charts align for upside extension.

Ross J Burland FXStreet

CHF/JPY is in a bullish environment on the lower time frames which coincide with a confluence of market structure from a longer-term perspective.

The following is a top-down analysis that illustrates the sangam of the market across the longer-term time frames.

Monthly chart

Weekly chart

Daily chart

As illustrated across the monthly, weekly and daily charts, the price is in the throes of an upside extension of the broader bullish trend.

Zooming down to the daily chart, a target of 117.50 has been established in the use of a -0.272% Fibonacci retracement of the daily correction from bottom to top.

If the price were to extend much higher from here, then an additional layer of conviction will be drawn from a reverse head and shoulders which is a bullish chart pattern.

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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