captain_smollett
Short

CHFJPY. Critical reversal point

FX:CHFJPY   Swiss Franc / Japanese Yen
21 2 6
The pair arrived to a reversal point this week. Although, it´s been on a downtrend since last year, it hasn´t passed 110 figures to the date. At the moment, the lowering movement was held by a weekly 200 MA.

Looks like once again BOJ decision will be critical for JPY here: if an extremely soft monetary policy continues, this pair may refresh the historical maximums. If BOJ steps back, that may be enough impulse for a pair to go back to its historical values.
Comment: Pair has already passed weekly 200 MA and WMA and now heading to 50% retracement level (chart below).

In my opinion, this will be a critical level which was looked for: either we continue with a down trend, or the structure works and the huge trend, kept almost since a year ago, will be reversed.
Comment: Trend continued but the pair has been bottoming since some weeks. Reversal may be near

Expecting a pullback to the wedge limit and then tagging 38.2% Fibo
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