Technical analysis

CHFJPY Wave Analysis – 14 April, 2022

CHFJPY Wave Analysis – 14 April, 2022

• Reversed from resistance level 134.60
• Likely to fall to support level 132.00

CHFJPY currency pair recently reversed down from the key round resistance level 134.60 (previous multi-month high from 2015) – standing near the upper daily and weekly Bollinger Bands.

The downward reversal from the resistance level 134.60 created the daily candlesticks reversal pattern Shooting Star.

Given the strength of the resistance level 134.60 and the clear bearish divergence on the daily Stochastic – CHFJPY can be expected to fall toward the next support level 132.00 (low of wave (ii)).

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