Technical analysis

CHFJPY Wave Analysis 23 April, 2021

• CHFJPY reversed from support level 117.60

• Likely to rise to resistance level 118.60

CHFJPY today reversed up from the key support level 117.60 (former resistance from the end of March) – intersecting with the 38.2% Fibonacci correction of the previous upward impulse from last month.

The upward reversal from the support level 117.60 will most likely create the daily reversal pattern Bullish Engulfing – if the pair closes today near the current levels.

CHFJPY is likely to rise further toward the next resistance level 118.60 (which stopped the previous waves (i) and (b)).

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