Technical analysis

CHFJPY Wave Analysis – 13 June 2023


– CHFJPY reversed from support level 153.45

– Likely to rise to resistance level 155.400

CHFJPY currency pair recently reversed up from the pivotal support level 153.45 (former strong resistance from the start of May).

The support level 153.45 was strengthened by the 20-day moving average and by the 38.2% Fibonacci correction of the previous sharp upward impulse wave (i).

Given the clear daily uptrend, CHFJPY can be expected to rise further toward the next resistance level 155.400 (top of the previous impulse wave (i)).

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