CHFJPY daily price chart zoomed in 05-05-20.Based on analysis of the daily chart, on March 31 CHF/JPY broke below the uptrend line originated from the March 9 low at 109.58. Last month, the price failed on multiple occasions to overtake the 50-day moving average, indicating that bears were still in charge. On April 13, the pair fell and stuck in the current trading zone 10.7.76- 111.68.A close below the low end of the zone could embolden bears to press towards 103.93. A further close below that level could send CHFJPY towards 101.87. In that’s scenario, the weekly support levels underscored on the chart (zoomed in) should be watched closely.In turn, a close above the high end of the zone would mean a weaker bearish sentiment. This may trigger a rally towards 114.38. A further close above that level could extend this rally towards 116.43. Although, the weekly resistance levels printed on the chart would be worth monitoring.
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