CHF/JPY reversed from support level 110.20
- CHF/JPY reversed from support level 110.20
- Next buy target - 114.00
CHF/JPY opened this week with the sharp upward gap - following the earlier upward reversal from the strong support level 110.20 (which also previously reversed the price at the start of this month with the daily Japanese candlesticks reversal pattern Bullish Engulfing, as you can see from the daily CHF/JPY chart below). The upward reversal from the support level 110.20 stopped the earlier minor impulse waves (iii) (which belongs to waves 3 and (3)).
CHF/JPY is currently approaching the pivotal resistance level 112.30 (which has been reversing the price from the start of May, former strong support level from February). If the pair breaks above this resistance level 112.30 - CHF/JPY can then rise to the next buy target at the resistance level 114.00.