• CHFJPY reversed from major resistance level 117.75
• Likely to fall to 116.15
CHFJPY recently reversed down with the daily Japanese candlesticks reversal pattern Bearish Engulfing from the major resistance level 117.75 (former monthly high from August) – standing near the upper daily Bollinger Band.
The upward reversal form the resistance level 117.75 started the active short-term correction (ii).
CHFJPY is expected to fall further toward the next support level 116.15 (top of the previous corrective wave (b) from the start of November).
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