CHF/JPY Price Analysis: Bulls testing the bearish commitments and eye a break of the 4-hour 21 EMA

CHF/JPY is in the hands of the bulls that are seeking a continuation to the upside.
A fresh daily bullish surge to the upside could be in the making.

Ross J Burland FXStreet

CHF/JPY has corrected to test the 61.8% Fibonacci retracement level of the daily bullish impulse and is consolidating ahead of what could be a continuation to the upside.

Daily chart

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

The 4-hour chart shows that there is still some work for the bulls to do before the environment turns bullish with the price stuck below the immediate resistance of prior support.

A close above the 21 EMA would also be encouraging.

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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