Hello traders! Yesterday CHF/JPY rejected multiple support indicators after which higher highs and higher lows started to appear on lower timeframes.
Price has rejected the 115.30 support, which is confirmed by 50% Fibonacci retracement levels. At the same time, it rejected the 200 Exponential Moving Average as well as the uptrend trendline. This should result in the uptrend continuation or at the very least a formation of the double top near 116.40 resistance.
At the same time, it is possible that the price will break below the 115.23 low produced today. In this scenario, the key support becomes at 114.85, which could be re-tested. And only break and close below this support will completely invalidate the bullish forecast.
For now, the trend remains very bullish and if there will be a break and close above the previously established high at 116.60, buying pressure is likely to increase, resulting in a substantial upside move by CHF/JPY
Bias: Strongly bullish while above 114.85
Potential Support Zone: 1115.50 – 115.70
Potential Targets: 116.38, 117.30
Have a profitable trading!