CHFJPY Wave Analysis 19 January, 2021

• CHFJPY reversed from support area

• Likely to rise to resistance level 117.50

CHFJPY currency pair recently reversed up from the support area located between the key support level 116.10 (former monthly high from October and the low of the previous correction (ii) from last month) and the lower daily Bollinger band.

This support area was further strengthened by the 38.2% Fibonacci correction of the previous upward impulse from November

CHFJPY is expected to rise further toward the next resistance level 117.50 (which stopped the previous impulse wave (i) at the start of this month).