• CHFJPY reversed from long-term resistance level 117.80
• Likely to fall to support level 116.65
CHFJPY continues to decline after the earlier downward reversal from the long-term resistance level 117.80 (which has been reversing the price form last August).
The downward reversal from the resistance level 117.80 stopped the previous short-term impulse wave (iii) from the middle of January.
Given the clear bearish divergence on the daily Stochastic indicator – CHFJPY can be expected to fall further toward the next support level 116.65.