⬤ CHF/JPY has pushed higher since finding solid support in early January, and now sits just below the 199.90–200.73 target range marked on the chart. The pair caught a bid inside the blue box on January 8, creating a technical bounce point that's held ever since. From there, price has built a clean upward structure that's now reaching levels where the current impulse could wrap up.
⬤ The chart tracks an Elliott Wave pattern starting from the January 18 low, showing price climbing through several smaller waves upward. This whole push is being labeled as wave 3, which looks ready to finish somewhere between 199.90 and 200.73. The move has all the hallmarks of a proper impulse—each high topping the last with minimal retracement—typical of what you see in a maturing wave 3.
Selling is not recommended at this stage of the structure.
⬤ There's a critical line in the sand near 196.52. As long as CHF/JPY stays above that mark, the bullish setup stays valid. The steady climb toward the target shows buyers have been running the show since January, keeping the pair moving in the right direction without serious interruption.
⬤ This matters because wave 3 completions usually lead to some sideways action or a pullback before the next major move kicks in. With CHF/JPY now knocking on the door of 199.90–200.73, traders will be watching closely to see if price stalls out or pushes through. How it behaves here could set the tone for what comes next in the broader trend.
