• CHFJPY reversed from support level 116.10
• Likely to rise to 117.75
CHFJPY recently reversed up sharply from the key support level 116.10 (former monthly high from November) – standing near the lower daily Bollinger Band and the 38.2 Fibonacci correction of the previous upward impulse wave (i).
The upward reversal from the support level 116.10 started the active short-term impulse wave (iii) – which belongs to waves 3 and (3) – from November and September respectively.
Given the clear CHF bullishness seen today – CHFJPY is expected to rise further toward the next resistance level 117.75 (top of the previous impulse waves 5 and (i)).
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