CHF/JPY: buy target – 117.50
By: Dmitriy Chernovolov
- CHF/JPY broke resistance zone
- Next buy target – 117.50
CHF/JPY continues to rise after the price earlier broke through the resistance zone lying at the intersection of the pivotal resistance level 116.00 (which stopped the previous minor (a)-wave earlier this month, as can be seen below) and the 38.2% Fibonacci correction of the previous downward impulse wave from the end of December. The breakout of this resistance zone accelerated the active (c)-wave of the minor ABC correction 4 from the start of this month.
CHF/JPY is likely to rise in the active minor (c)-wave toward the next buy target at the resistance level 117.50 (lying at the intersection of the daily down channel from 2015 and the 50% Fibonacci correction of the aforementioned downward impulse from December).