CHFJPY broke key support level 114.00

CHFJPY broke key support level 114.00
Further losses are likely

CHFJPY today broke below the key support level 114.00 (which stopped the previous waves (a) and (iv) in September, as can be seen below).

The breakout of this support level follows the earlier breakout of the combined support area lying at the intersection of the support level 115.00 (former resistance from August) and the 38.2% Fibonacci correction of the previous sharp upward impulse 3 from August.

CHFJPY is expected to fall further and re-test the next support level 113.00 (target price for the completion of the active corrective wave 4).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: CHFJPY

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