Technical analysis

CHFJPY Wave Analysis – 23 May, 2022

CHFJPY Wave Analysis – 23 May, 2022

• CHFJPY broke daily up channel
• Likely to rise to resistance level 133.00

CHFJPY currency pair continues to rise after the pair broke through the resistance trendline of the daily up channel from the end of last month.

The breakout of this up channel accelerated the active impulse wave (1) which started earlier from the support zone lying between the key support level 127.00 (former multi-month high from January), the support trendline from September and the 61.8% Fibonacci retracement of the upward impulse from November.

Given the clear daily uptrend, CHFJPY currency pair can be expected to rise further toward the next resistance level 133.00.

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