• CHFJPY reversed from resistance area
• Further losses are likely
CHFJPY recently reversed down sharply from the resistance area lying between key resistance level 112.00 (which has reversed the price multiple times from the middle of March), upper daily Bollinger Band and 38.2% Fibonacci correction of the previous extended downward impulse from February.
The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Double Doji Evening Star.
CHFJPY is likely to fall further and re-test the next round support level 110.00. Strong resistance remains at the aforementioned price level 112.00.