• CHFJPY broke key resistance level 118.10
• Likely to reach resistance level 118.85
CHFJPY currency pair recently broke above the key resistance level 118.10 (top of the previous minor correction (b) from the middle of March). The breakout of the resistance level 118.10 – on a closing basis – should accelerate eth active minor impulse wave (iii) – which is part of the longer-term upward impulse wave 3 from the end of last month.
Given the continuation of the Swiss franc inflows on the safe-haven appetite due to the on-going escalation of the US/China tensions over Taiwan – CHFJPY currency pair is likely to rise further toward the next resistance level 118.85 (top of wave 1 from February and the target for the completion of the active impulse wave (iii)).