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FxPro Forex Analysis: CHFJPY broke resistance area

CHFJPY broke resistance area
• Further gains are likely

CHFJPY continues to rise after the earlier breakout of resistance area lying at the intersection of the key resistance level 115.00 (which has been reversing the price form August) and the 61.8% Fibonacci correction of the previous impulse wave (C) from February.

The breakout of this resistance area accelerated the active impulse wave (3) of the medium-term impulse (3) from August.

CHFJPY is expected to rise further and retest the next resistance 116.50. Strong support now stands at 115.00.

CHFJPY - Primary Analysis - Sep-13 1732 PM (1 day)

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