CHFJPY recently reversed down sharply from the resistance area lying between the key resistance level 111.70 (which reversed the price multiple times in March and April) and the upper daily Bollinger Band.
The downward reversal from this resistance area stopped the earlier short-term impulse wave 3.
Given the overbought daily Stochastic – CHFJPY is expected to fall further toward the next support level 111.00 (former resistance from July).
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