Swiss Franc versus Japanese Yen has broken below our major price action 119.20 i.e 61.8% fibb retracement level with an impulsive bearish stance - making the pair stand below 50% fibb level. In our previous analysis published on 9th Sept, in bullish and bearish conditions we published that a closing below 119.30-119.0 would target 50% fibb retracement level at 118.25, turning the lower trend line acting as a support into strong resistance along side 119.30 because this move would then be breaching the major weekly support and indicating that CHFJPY will be completing its bearish correction of higher degree. The pair failing to break above the ichimoku cloud and the pair standing below exponential moving averages 50 and 200 in daily time frame - indicated that the bearish momentum was gaining grounds for a dovish stance. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

After breaking below the strong support turned resistance 119.20, the pair is going to complete its bearish correction of higher degree and is most probably heading towards 38.2% fibb level at 117.14. The 119.20 was our weekly support and after breaking below the weekly chart is directing that Swiss Franc versus Japanese Yen will stop at 117.14 - which will be the completion of bearish correction in the weekly time frame. Another major factor for staying bearish on CHFJPY is that if draw the fibb retracement level from weekly high to the weekly low on weekly time frame 112.80 - 108.20, 61.8% fibb lyes at 117.14 and a bullish reversal can be expected from the aforementioned price action before continuing any lower. 

CHFJPY

Sep 18 2021