CHFJPY Wave Analysis 21 February 2024

– CHFJPY reversed from support level 169.65

– Likely to rise to resistance level 171.45

CHFJPY currency pair recently reversed up from the key support level 169.65 (lower boundary of the narrow sideways price range inside which the pair has been trading from the start of January).

The support level 169.65 was strengthened by the lower daily Bollinger Band.

Given the clear daily uptrend and the continued yen sales, CHFJPY currency pair can be expected to rise further to the next resistance level 171.45, upper border of this price range.