CHFJPY Wave Analysis – 07 May, 2019

• CHFJPY broke support area
• Further losses are likely

CHFJPY today broke below the support area lying between the key support level 109.00 (monthly low from February) and the 50% Fibonacci correction of the previous sharp upward impulse from January.

The breakout of this support area accelerated the active short-term impulse wave (c) from the middle of April.

CHFJPY is expected to fall further and re-test the next support level 107.20 (target price for the completion of the active impulse wave (c)).