February 01, 2021 at 03:57PM
• CHFJPY reversed from long-term resistance level 117.80
• Likely to fall to support level 116.65
CHFJPY continues to decline after the earlier downward reversal from the long-term resistance level 117.80 (which has been reversing the price form last August).
The downward reversal from the resistance level 117.80 stopped the previous short-term impulse wave (iii) from the middle of January.
Given the clear bearish divergence on the daily Stochastic indicator – CHFJPY can be expected to fall further toward the next support level 116.65.
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/chfjpy-wave-analysis-1-february-2021-20210201/
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