CHFJPY continues to make a sequence of higher high suggesting the pair is in a bullish market. Recent impulsive move higher looks incomplete and pair should continue to extend higher. Sequence from 10.3.2023 low is in progress as an impulse Elliott Wave structure. Up from 10.3.2023 low, wave 1 ended at 168.41 and dips in wave 2 ended at 164.96. Pair has resumed higher in wave 3 with internal subdivision as an impulse structure in lesser degree.
Up from wave 2, wave ((i)) ended at 167.22 and pullback in wave ((ii)) ended at 165.69 as the 1 hour chart below shows. Up from there, wave (i) ended at 168.4 and dips in wave (ii) ended at 167.49. Pair rallies higher in wave (iii) towards 169.82 and dips in wave (iv) ended at 169.08. Wave (v) higher ended at 170.535 which completed wave ((iii)) in higher degree. Pullback in wave ((iv)) is in progress to correct cycle from 11.3.2023 low before the rally resumes. Near term, as far as pivot at 165.69 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside. Potential support for wave ((iv)) comes at 23.6 – 38.2% Fibonacci retracement of wave ((iii)). This area comes at 168.7 – 169.4.
