• CHFJPY reversed from support zone
• Likely to rise to resistance level 119.00
CHFJPY currency pair recently reversed up from the support zone set between the support level 117.55 (previous low of wave 4 from the end of April), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from November. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star– which stopped the previous short-term downward impulse wave (i).
Given the strength of the aforementioned support zone, he clear daily uptrend and steady yen outflows, CHFJPY currency pair can be expected to rise further toward the next resistance level 119.00 (former support from June and July).