CHF/JPY price outlook: Swiss Franc/Japanese Yen pressing against 0.786 support arc
CHF/JPY has gone into something akin to waterfall mode over the past week or so, something of a rare occurrence considering just how respectful the pair has been of known technical levels, as demonstrated on the chart below.
CHFJPY currency pair recently reversed from the support zone between the key support level 192.55 (which has been reversing the price from December) and the lower daily Bollinger Band.
Rising bets for a September rate hike by the BoJ are capping the recovery move of the CHF/JPY after the sharp intervention-driven slump.
CHFJPY currency pair recently reversed up from the support zone between the support level 198.80 (which stopped earlier waves 4,(4), 2) and the lower daily Bollinger Band.
CHFJPY currency pair recently reversed down from the resistance area between the strong resistance level 204.00 (which has been reversing the price from March) and the upper daily Bollinger Band.
CHFJPY currency pair recently reversed from the resistance zone between the strong resistance level 204.00 (which stopped wave () in March) and the upper daily Bollinger Band.
In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of CHFJPY. In which, the rally from September 2024 low is unfolding as an impulse sequence.
As BOJ hike odds swing and Middle East developments continue to influence sentiment, CHF/JPY has returned to test the top of its range, supported by a strong bounce from the 100DMA and strengthening upside momentum.
Japanese yen crosses remain active across the board, with divergent setups emerging among the majors. USD/JPY is showing signs of a bearish reversal below 160, AUD/JPY is pressing multi-decade highs, while CHF/JPY continues to stall beneath key resistance at 204.
CHFJPY currency pair is poised for more upside despite recent decline and choppy price action. How further can the long term bullish cycle continue before the next big pullback?