• CHFJPY reversed from support zone
• Likely to rise to 113.70
CHFJPY recently reversed up from the support area lying between the key support level 112.5 (former monthly high from April) and the 38.2% Fibonacci correction of the previous upward impulse wave 1.
The upward reversal from this support zone stopped the earlier short-term corrective wave (a).
CHFJPY is likely to rise further toward the next resistance level 113.70 (top of the previous 4 consecutive candles).
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