• CHFJPY approached key resistance level 118.80
• Likely to fall to support level 117.60
CHFJPY rise sharply today and is currently trading near the key resistance level 118.80 (former powerful resistance from February).
If the pair closes today above the resistance level 118.80 – CHFJPY can then rise toward the next resistance level 109.50.
In the alternative scenario – CHFJPY is likely to correct down further toward the next support level 117.60 (which stopped 3 corrections from the start of April).