• CHFJPY reversed from support area
• Likely to rise to resistance level 120.00
CHFJPY currency pair recently reversed up with the daily long-legged Doji reversal pattern from the support area lying between the pivotal support level 118.80 (previous multi-month low from June), lower daily Bollinger Band and the 61.8% Fibonacci correction of the sharp upward impulse from the end of March. The upward reversal from this support area stopped the previous impulse waves (iv) and (c).
Given the clear daily uptrend and strong yen outflows- CHFJPY currency pair can be expected to rise further toward the next resistance level 120.00. Strong support remains at the support level 118.80.