Technical analysis

CHFJPY Wave Analysis 4 December, 2020

CHFJPY Wave Analysis 4 December, 2020

• CHFJPY broke resistance level 116.20

• Likely to rise to 117.30

CHFJPY continues to rise after the price broke the pivotal resistance level 116.20 (which has been reversing the  pair from the start of October).

The breakout of the resistance level 116.20 coincided with the breakout of the 61.8% Fibonacci correction of the ABC correction (2) from August – which accelerated the active short-term impulse wave (iii).

CHFJPY is expected to rise further toward the next resistance level 117.30 (monthly high from September and the target price for the completion of the active impulse wave (iii)).

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