CHFJPY Wave Analysis – 31 January, 2019

• CHFJPY broke key support level 109.50
• Further losses are likely

CHFJPY recently broke below the key support level 109.50 (which stopped the (a)-wave of the active short-term ABC correction 2 from the start of January).

The breakout of the support level 109.50 accelerated the impulse wave i – which belongs to the active short-term impulse wave (c) from the end of January.

CHFJPY is expected to fall further and re-test the next support level 109.00 (target price from the completion of the active impulse wave i).