• CHFJPY reversed from resistance area
• Likely to fall to support level 117.50

CHFJPY currency pair recently reversed down from the resistance area lying between the key resistance level 118.85 (top of the previous impulse wave 1 from the middle of February) and the upper daily Bollinger Band. The downward reversal from the resistance level 118.85 started active minor corrective wave (ii) – which belongs to the impulse wave 3 from last month.

Given the strength of the aforementioned resistance area, the bearish Swiss franc sentiment seen across the FX markets today – CHFJPY currency pair can be expected to fall further toward the next support level 117.50 (former resistance from the end of March).