- CHFJPY reversed from support area
- Likely to rise to 109.00
CHFJPY recently reversed up sharply from the support zone lying between the strong support level 107.0 (which was set as the likely downward target in our earlier report for this pair) and the lower daily Bollinger Band.
The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which started the active short-term corrective wave (ii).
CHFJPY is expected to rise further and retest the next resistance level 109.00 (resistance trendline of the daily down channel from December).