• CHFJPY reversed from support area
• Likely to reach resistance level 117.80

CHFJPY currency pair today reversed up from the support zone between the support level 116.25 (which has been steadily reversing the price from the end of December), lower daily Bollinger Band and the 50% Fibonacci correction of the pervious extended upward impulse (i) from the end of September. The upward reversal from this support zone stopped the pervious short-term corrective wave (ii).

Given the prevailing uptrend on the daily charts the strength of the support level 116.25 – CHFJPY currency pair can be expected to rise further toward the next resistance level 117.80 (which has been reversing the price from the end of February).