• CHFJPY reversed from support zone
• Likely to rise to resistance level 122.50
CHFJPY currency pair recently reversed up from the support zone lying between the key support level 121.50 (former resistance from May) and the 38.2% Fibonacci correction of the upward impulse (1) from the start of May.
The upward reversal from this support zone stopped the previous short-term ABC correction (iv) from the end of last month.
Given the powerful uptrend – CHFJPY can then be expected to rise further toward the next resistance level 122.50 (top of the previous impulse wave (iii)).