Trade of the Day: CHF/JPY
By: Dima Chernovolov
CHF/JPY continues to rise toward the key resistance level 123.35 which was previously identified by Autochartist on the daily charts. Autochartist rates the Significance of this resistance level at the 5-bar level – which is the result of the five previous price reversals from this price level. CHF/JPY is expected to continue to rise toward the resistance level 123.35.
As can be seen from the daily CHF/JPY chart below – the price earlier reversed up from the support area located between the major support level 122.5 (former monthly high from May and June), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from October. The proximity of this support area adds to the probability CHF/JPY will continue to rise to the resistance level 123.35.