• CHFJPY reversed from support area
• Likely to rise to resistance level 121.45
CHFJPY currency pair recently reversed up from the support area lying between the key support level 119.30 (former monthly low from the middle of May), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from the end of March. The upward reversal from this support area continues the sharp minor upward impulse wave (v) – which belongs to the extended upward impulse sequence 3 from last year.
Given the strongly bearish yen sentiment seen across the FX markets today – CHFJPY currency pair can be expected to rise further toward the next resistance level 121.45 (former support from the start of June).