Technical analysis

CHFJPY Wave Analysis – 5 June, 2020

CHFJPY Wave Analysis – 5 June, 2020

• CHFJPY reversed from resistance area

• Likely to fall to 113.25

CHFJPY recently reversed down sharply from the strong resistance area lying between the major resistance level 114.30 (monthly high from January and February) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous short-term impulse wave 3 from the end of May.

Given the strength of the aforementioned resistance area – CHFJPY is likely to fall further toward the next support level 113.25.

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