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.
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:
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.
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July 21, 2021 at 06:50PM