CHFJPY reversed from resistance area

• CHFJPY reversed from resistance area
• Further losses are likely

CHFJPY recently reversed down from the resistance area lying between the key resistance level 109.60, upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from April.

The downward reversal from this resistance area completed the previous ABC correction 2 from the start of May.

CHFJPY is expected to fall further and retest the next key support level 108.00 (which reversed the previous waves 1 and (b))).