CHF/JPY: sell target - 121.00
By: Dmitriy Chernovolov
- CHF/JPY reversed from resistance zone
- Next sell target - 121.00
CHF/JPY recently reversed down from the resistance zone lying between the resistance level 123.50, the upper daily Bollinger Band, 61.8% Fibonacci correction of the previous sharp downward impulse wave 1 from October and the former support trendline of the earlier daily up channel from September (acting as resistance now after it was broken).
The downward reversal from the aforementioned resistance zone completed the previous minor correction 2 of the 3rd intermediate impulse wave (3) from October. CHF/JPY is likely to fall further to the next sell target at the next support level 121.00.