CHF/JPY: sell target – 114.00
By: Dmitriy Chernovolov
- CHF/JPY falling inside impulse waves 5 and (3)
- Next sell target – 114.00
CHF/JPY has been falling sharply in the last few trading sessions inside the minor impulse wave 5, which belongs to the intermediate impulse wave (3) from the middle of October. The active impulse wave 5 started earlier – when the pair reversed down from the resistance zone lying between the resistance level 117.30, 50% Fibonacci correction of the preceding downward impulse from December and the upper resistance trendline of the daily down channel from June of 2015.
Having recently broken below the support level 116.00 - CHF/JPY is likely to fall toward the next sell target at the support level 114.00.