Forex Forecast #CHFJPY Bullish

04.16.19 10:46 PM Comment(s) By Alan Posner

CHF/JPY has been trading in a broad range between 108 and 118 since April of 2017.  The bottom of that range was visited on with a flash crash move at the end of 2018.  The more detailed turn bullish however was a series of hammer-like candles in late January and early February 2019.  That rally has extended and breached 111.
Looking at the daily chart the more recent price action has been consolidation and formed an ascending triangle with resistance at 112 area.  As the distance between the two converging lines of the triangle narrows a breakout above 112 should arrive and push price to 115 next.

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