CHFJPY Wave Analysis – 15 May 2023

• CHFJPY reversed from support level 150.00

• Likely to rise to resistance level 153.7

CHFJPY recently reversed up from the pivotal support level 150.00 (former strong resistance from September and October).

The support level 150.00 was strengthened by the upper trendline of the recently broken up channel from January (acting as the support now).

Given the strong uptrend and bearish yen sentiment, CHFJPY can be expected to rise toward the next resistance level 153.7 (top of the previous impulse wave (iii)).