December 17, 2020 at 03:17PM

• CHFJPY reversed from major resistance level 117.75

• Likely to fall to 116.15

CHFJPY recently reversed down with the daily Japanese candlesticks reversal pattern Bearish Engulfing from the major resistance level 117.75 (former monthly high from August) – standing near the upper daily Bollinger Band.

The upward reversal form the resistance level 117.75 started the active short-term correction (ii).

CHFJPY is expected to fall further toward the next support level 116.15 (top of the previous corrective wave (b) from the start of November).

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From: The FxPro Tech Analysis Team
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