Technical analysis

CHFJPY Wave Analysis 7 April, 2021

CHFJPY Wave Analysis 7 April, 2021

• CHFJPY broke resistance level 118.10

• Likely to rise to resistance level 118.80

CHFJPY currency today broke above the resistance level 118.10 (top of the previous minor correction (b) from the middle of March).

The breakout of the resistance level 118.10 accelerated the active short-term impulse wave (iii) – which belongs to the impulse wave 3 from the end of last month – which started from the major support at 116.20.

CHFJPY is likely to rise further toward the next major resistance level 118.80 (monthly high from February and the target price for the completion of the active impulse wave (iii)).

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