• CHFJPY broke multi-month resistance level 122.70
• Likely to rise to resistance level 124.00
CHFJPY currency pair continues to rise after the pair broke the multi-month resistance level 122.70 (which stopped the previous sharp uptrend in the middle of June). The breakout of this resistance level 122.70 accelerated the active short-term impulse waves (iii), 5 – which belong to the higher order impulse wave (3) from March.
Given the strongly bearish yen sentiment coupled with the rising Swiss franc bullishness seen across the FX markets today, CHFJPY currency pair can be expected to rise further toward the next resistance level 124.00 (target price for the completion of the active impulse wave (iii)).