CHF/JPY in Consolidation

CHF/JPY is on its way into consolidation gravitating towards the 109.00 level. The pair is entering into the weekend slightly higher today at 109.50. It is worth to note that the highest point after the drop was reached yesterday at 109.91. Main trend on the short term remains bullish as CHF/JPY has been going up since the middle of the month starting from 107.70.

The pair went from 114.31 on March 14 to 107.70 on April 16. If it keeps depreciating, bears will try to reach and form a double bottom at 107.70. On the other side, if bulls decide to get in, then they will try to push the price to a high of 110.50 and form a double top.

The Japanese Yen has been trying to stabilize itself recently, holding steady against the US dollar and other major peers.

Chart: CHF/JPY H4