CHFJPY: ⬆️ Buy
– CHFJPY reversed from support zone
– Likely to rise to resistance level 202.00
CHFJPY currency pair recently reversed up from the support area located between support level 198.00 (former resistance from December, which has been reversing the pair for the last 3 months), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from December.
The upward reversal from the support level 109.00 created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
Given the prevailing daily uptrend, CHFJPY currency pair can be expected to rise to the next resistance level 202.00 (top of earlier wave B).