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Technical analysis for the CHF/JPY, the pair formed a high-test pattern on the weekly chart, signaling a potential pullback. The first target for this pullback is the 0.382 FIB retracement at 147.15. The second target is the 1.618 FIB extension on the four-hour chart at 146.30. The third target is between the 0.382 FIB retracement on the weekly chart and the 0.618 FIB retracement on the daily chart, between 145.50-145.00. In case of deeper pullback, the fourth target for the pullback in the price of CHF/JPY is the 0.618 FIB retracement on the weekly chart at 142.35.
Looking at the bigger picture, on the monthly chart, the price of CHF/JPY reached a zone between 149.80 – 153.50 where we can expect deceleration and the conclusion of the bullish wave.
Daily chart:
Weekly chart:
Monthly chart:
