CHFJPY Wave Analysis 1 February, 2021

• CHFJPY reversed from long-term resistance level 117.80

• Likely to fall to support level 116.65

CHFJPY continues to decline after the earlier downward reversal from the long-term resistance level 117.80 (which has been reversing the price form last August).

The downward reversal from the resistance level 117.80 stopped the previous short-term impulse wave (iii) from the middle of January.

Given the clear bearish divergence on the daily Stochastic indicator – CHFJPY can be expected to fall further toward the next support level 116.65.