CHFJPY Minor Forex Pair

The CHFJPY forex pair has bounced from a daily demand zone, providing us with an aggressive bullish impulse and forming a​ bullish engulfing candle. Although the significant move occurred yesterday, it broke a lower high structure, and the price is now in a corrective phase. I have marked the previous weekly high, and I would like to see this correction break, allowing the price to surpass that previous weekly high​ or reject it. 

Better Price Action on the 2-Hour Chart

Now, I have scaled down to the 2-hour chart, where we can see the bullish impulse more clearly. The price has broken out of the trendline, retested it, and is now forming an ABC correction. As I write this, the ABC correction is currently in the B phase, and we are in the Asian session at 10:35 AM. For the 2-hour C wave to be complete, I anticipate that the setup will finalize around the start of the US session.

Let's keep an eye on this, and I will provide an update when there are further developments.