• CHFJPY rising inside impulse wave (iii)
• Likely to rise to resistance level 119.50
CHFJPY currency pair continues to rise inside the short-term impulse wave (iii) which previously broke above the key resistance level 118.80 (which stopped the previous impulse waves 1 and (i) – as can be seen below). The breakout of the resistance level 118.80 strengthened the bullish pressure on this currency pair – which today retested this price level in the intraday downward correction.
Given the persistent yen outflows on rising U.S. treasury yields – CHFJPY currency pair can be expected to rise further in the active impulse waves 3 and (iii) toward the next resistance level 119.50 – followed by the resistance level 120.00.