• CHFJPY broke key resistance level 117.85
• Likely to test resistance level 119.00
CHFJPY continues to rise after the recently sharp breakout of the key resistance level 117.85 (which has been steadily reversing all previous upward impulse from last August as can be seen form the daily CHFJPY chart below). The breakout of the resistance level 117.85 should accelerate the active impulse waves (iii) and 3 – which belong to the long-term upward impulse sequence (3) from the end of September.
Given the predominant uptrend that can be seen on daily CHFJPY charts and the strong yen bearishness seen across the FX markets today – CHFJPY can be expected to rise further toward the next resistance level 119.00. Strong support now stands at the support level 117.85.