CHFJPY Wave Analysis – 21 May, 2020
May 21, 2020 @ 17:30 +03:00
• CHFJPY reversed from resistance level 111.50
• Likely to fall to 111,00
CHFJPY recently reversed down from the resistance level 111.50 (top of the previous wave (iv)) intersecting with the 50% Fibonacci retracement of the previous downward impulse C from March.
The downward reversal from the resistance level 111.50 stopped the earlier short-term impulse wave 3 from last week.
CHFJPY is likely to fall further toward the next support level 111,00 (former resistance level which stopped earlier impulse wave 1).