- CHFJPY reversed from key support level 108.80
- Likely to rise to 111.50
CHFJPY recently reversed up from the key support level 108.80 (which stopped the earlier short-term correction 2 in November) – standing near the lower daily Bollinger band.
The upward reversal form the support level 108.80 created the daily reversal pattern Piercing Line – which started the active impulse wave (3).
CHFJPY is expected to rise further toward the next resistance level 111.50 (top of the previous sharp correction (iv)).