Currency Analyst since 2010

CHF/JPY: trade opportunity

Dima Chernovolov

• CHF/JPY reversed from support level 126.00

• Next buy target - 130.00

CHF/JPY recently reversed up from the combined support area lying at the intersection of the support level 126.00 and the 50% Fibonacci Correction of the pervious sharp upward price thrust (3) from the middle of January (as you can see from the daily CHF/JPY chart below). The upward reversal from this support zone continues the strong uptrend that can be seen on the daily CHF/JPY charts - it also completed the A-wave of the active intermediate ABC correction (4) from January.

With the daily slow Stochastic indicator still moving close to the oversold area, the pair can be expected to rise in the active (B)-wave of the larger ABC correction toward the next buy target - 130.00. Buy stop-loss can be placed below the support level 126.00.

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