• CHFJPY reversed from support area
• Likely to reach resistance level 117.80
CHFJPY currency pair today reversed up exactly from the combined support area lying between the pivotal multi-month support level 116.25 (former strong resistance from October and November – which also reversed the price sharply in December and January, as can be seen from the daily CHFJPY chart below). The upward reversal from this support area continues the active impulse waves 3 and (iii).
Given the clear predominant daily uptrend and the strongly bearish yen sentiment seen across the FX markets today – CHFJPY currency pair is likely to rise further toward the next resistance level 117.80 (top of the previous daily shooting star from the middle of February).