• CHFJPY reversed from resistance area
• Likely to fall to support level 122.00
CHFJPY currency pair today reversed down from the resistance area lying between the strong resistance level 122.50 (which stopped the sharp upward impulse wave (iii) at the end of May) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous short-term impulse wave (c) – which belongs to wave 3 from the end of 2020.
Given the strength of the aforementioned resistance area and the improvement in yen sentiment seen today – CHFJPY currency pair can be expected to correct down further toward the next support level 122.00 (low of the previous minor correction from the start of June).