CHF/JPY: sell target - 124.60
By: Dmitriy Chernovolov
- CHF/JPY broke support zone
- Next sell target - 124.60
CHF/JPY recently broke sharply below the support zone lying at the intersection of the strong support level 127.30 (which reversed the previous minor (a)-wave in July) and the 50% Fibonacci Correction of the previous sharp impulse wave 1 from March. The breakout of this support zone follows the earlier breakout of the support trendline of the wide daily up channel from March.
CHF/JPY might correct up to test the aforementioned resistance zone – after which the pair is expected to resume the downward movement toward the next sell target at 124.60 (target price for the termination of the active (c)-wave).