• CHFJPY reversed from resistance area
• Likely to fall to support level 116.00
CHFJPY currency pair continues to fall after the price reversed down sharply from the resistance area lying between the key resistance level 117.85 (which stopped the price in August and December) standing well above the upper daily Bollinger Band. The downward from this resistance area is likely to form the daily Japanese candlesticks reversal pattern Bearish Engulfing – if the pair closes today near the active levels.
Given the strength of the aforementioned resistance area – CHFJPY currency pair is expected to fall further toward the next support level 116.00 (low of the previous waves 2 and (ii) – intersecting with the 38.2% Fibonacci correction of the previous upward impulse form September.