Daily Forex Update: CHF/JPY
By: Dima Chernovolov
CHF/JPY continues to fall inside the clear Falling Wedge chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the quality of this Falling Wedge at the 5-bar level – which is the result of the slow Initial Trend (one bar), below-average Uniformity (4 bars) and maximum Clarity (both rated at the 10 bar level). CHF/JPY expected to fall further inside this chart pattern – in line with the earlier downward reversal from the resistance zone shown below.
As can be seen from the daily CHF/JPY chart below, the price earlier reversed down from the resistance zone lying between the strong resistance level 113.00 (former multi-month support level from 2017) and the 38.2% Fibonacci correction of the previous downward impulse from February. The proximity of this resistance zone increases the probability CHF/JPY will continue to decline inside this Falling Wedge.
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